Showing posts with label help with debt. Show all posts
Showing posts with label help with debt. Show all posts

Credit Card Debt Facts

Credit Card Debt Facts To Consider

There are multiple facets to credit card debt. There are multiple myths surrounding these multiple aspects that people tend to believe. These myths may hurt them as they work to pay off their debt. Knowing the credit card debt facts, over these myths, will help you to better understand your debt. You can better understand what you need to do to pay off that debt. You can also better understand the culture of debt in society, and how you must work to stay away from a growing trend.

Interest Rates can Change

Interest rates are not set in stone. While you may enjoy a small interest rate now, that interest rate could jump without notice. While laws are being passed to change the rules regarding interest rate changes, they may still be changed until these changes become law. By sticking with monthly payments and by religiously paying down your debt, you can avoid these interest rate changes.

Minimum Payments are Not Enough

Many people believe that the minimum payments that they are making will be enough to pay down their cards debt balance. They do not realize that, on many of their credit cards, the interest charges per month can be larger than the minimum payments. If you are only paying the minimum payments on your cards, you may still be gaining debt.

Debt Continues to Rise

When people are dealing with debt, they tend to go into more debt. People will often open up new credit cards to help pay off their old credit cards. Eventually, they fail to realize that they have dug themselves into a deeper hole. General credit card debt is rising by at least 1% per year. Debt is also rising on the personal level. Slowly but surely, the average debt for Americans in debt is rising. According to a Nilson Report from April 2009, the average credit card debt for USA households has jumped from $10,737 to $10,779; an increase of over $40 in less than a year, from 2007 to 2008.

More People Go Into Debt Every Day

As a nation, America has almost $1 Trillion in credit card debt. This number continues to rise. In the past year, 700,000 people in America have gained a credit card that did not previously have one. This means that over half of a million people went into credit card debt in the last year. Credit card debt is an easy habit to fall into.

Debt continues to rise for individuals, and for society as a whole. If you can, stay away from creating new debt as you work to overcome your current debt. With that being said, you should still work to increase your payments to avoid the issues that come from many of these credit card debt facts. By knowing the truth behind these facts, however, you can take the best possible approach to your financial situation.

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You have probably heard the phrase, “bad things happen to good people.”  Every year there are more good people who experience bad things especially where it concerns finances.

Many young adults graduate from school facing massive debt in student loans, not to mention the normal expenses incurred in just living their lives.  

Before they know it they are struggling through a quagmire of debt with no relief in sight.  If this sounds like you or someone you know and care about you need your own copy of “Your Guide to Debt Relief”

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  • Dealing with creditors

  • Is bankruptcy an option

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For those people who do not have a complete grasp on how important it is to educate yourself about debt, don’t wait another minute!  There really is no reason to live your life in constant fear of debtors. 

There is hope!

Once you have a complete understanding of your debt you can begin to experience debt relief.  Not only that but you will begin to see your debts reduce month by month.

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Credit Card Debt Facts

Credit Card Debt Facts To Consider There are multiple facets to credit card debt. There are multiple myths surrounding these multiple aspect...