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Everyone bought the line that they could spend, spend, and spend more. Have a great time on the plastic, but what many didn't realize that the credit cards have a little hitch and that is interest rates. When the banks had interest rates in the low range a few dollars added to the balance didn't seem to make that much difference, but when they raised the rates to 25% or 30% ( some are 75%) the fees went up. Now, it is possible to have over half of a payment go to interest and fees and the rest to the principle. People can't get the debt paid off this way.
Here are some interesting statistics:
- Each American has an average of over $15k in credit card debt
- 64% of Americans does not have $1000 in emergency cash savings
Just do the math; your average Americans does not have a $1000 safety net but having a credit cards immediately available you're going to obviously go to your credit cards if you have an emergency car repair.
I worked for a non-profit credit counseling agency, and many of the people that have come through the office in need of help got in trouble with their credit cards while they were in college.
Another huge group of people that came through the credit counseling office got in credit card debt because they had a string of unemployment.
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∙ 10y ago
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How can someone pay off their credit card debt?
There are many companies in exsistence today that can help people with growing credit card debt, such as; Consumer Credit, Care One Credit, and a company called Credit Card Debt. One of these services will steer you in the right direction in lowering and eliminating your credit debt.
Many people have too much credit-card debt?
Yes a lot of people have too much credit card debt that they are only paying the minimum due each month and not enough saving
What is the best score you can get in credit debt?
When people are in credit debt, they often wonder what their score is. The best score you can get in credit debt depends on many different things. You should ask your credit card company for this type of information.
Where can one get debt and credit counseling?
According to information that is available on the internet there are many people who need help with credit card debt and that the number of people needing help is rising daily. There are websites that offer help for people with debt by offering credit counseling. Some of these sites are the Debt Advisory Centre UK, Money Debt and Credit, BBC Dept and Consumer Credit.
How does one get out of credit card debt?
There are many steps to get out of credit card debt. The first step is to pay off more than the interest of the card. This can be done by sticking to a budget.
How can someone pay off their credit card debt?
There are many companies in exsistence today that can help people with growing credit card debt, such as; Consumer Credit, Care One Credit, and a company called Credit Card Debt. One of these services will steer you in the right direction in lowering and eliminating your credit debt.
Many people have too much credit-card debt?
Yes a lot of people have too much credit card debt that they are only paying the minimum due each month and not enough saving
What is the best score you can get in credit debt?
When people are in credit debt, they often wonder what their score is. The best score you can get in credit debt depends on many different things. You should ask your credit card company for this type of information.
Benefits of a Credit Card Debt Loan?
Due to the recent recession, many families have had to rely on credit cards to make their monthly financial obligations. While this was a temporary solution, it did lead to a significant accumulation of debt for many people. To help get out of debt, many people could benefit by taking out a credit card debt loan. A credit card debt loan will be used to pay off outstanding credit card balances. This loan will normally have a low interest rate, which will allow you to save a significant amount of money each month on excess interest charges that come with high-rate credit cards.
Where can one get debt and credit counseling?
According to information that is available on the internet there are many people who need help with credit card debt and that the number of people needing help is rising daily. There are websites that offer help for people with debt by offering credit counseling. Some of these sites are the Debt Advisory Centre UK, Money Debt and Credit, BBC Dept and Consumer Credit.
How does one get out of credit card debt?
There are many steps to get out of credit card debt. The first step is to pay off more than the interest of the card. This can be done by sticking to a budget.
How To Deal With Credit Card Debt Effectively?
Recent studies reveal that millions of people around the world are experiencing problems that are related to credit card debt. Unfortunately, credit card debt prevents many from applying for home loans, automobile loans, and certain jobs. Credit card debt can be resolved if one is willing to take a few steps. Getting professional help from credit card counselors or debt counselors is one powerful way of eliminating this serious problem. Using credit cards wisely is one simple way of minimizing the possibility of abusing them. Using these two simple steps can help anyone deal with credit card debt effectively.
Why Americans in credit card debt?
Many Americans have credit card debt because they supplement their purchasing with credit cards due to a lack of adequate income. Some Americans have credit card debt because they are addicted to shopping or because they are not making enough money to pay their bills.
How can one pay off student credit card debt?
There are many ways to pay off student credit card debt. Some of the ways to pay off credit card debt are borrow against life insurance, get a home equity loan, renegotiate the term with a creditor and many more.
What are the names of two companies in the US that offer credit card debt consolidation?
There are many companies in the US that offer credit card debt consolidation. Two of these companies include the Wells Fargo Credit Center and National Debt Relief.
What's the easiest way for getting rid of a credit card debt?
The easiest way to get rid of a credit card debt is to take stock of finances. Some other easy ways to get rid of a credit card debt are to cash in investments, create a plan, file for bankruptcy and many more.
Where can one get a credit card consolidation loan?
There are many companies that offer credit card consolidation services. Some of these include National Debt Relief, CuraDebt, and CareOne Debt Relief Services.
