Credit Card Debt
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Table of Contents 1. Credit Card Debt Facts 2. Credit Card Debt Services - Are They Right For You
Credit Card Debt
Credit Card Debt Facts 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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Copyright Elizabeth English - 2012
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Credit Card Debt
Credit Card Debt Services - Are They Right For You There are many credit card debt services available, most of which are designed to help you cope with your credit card debts and get them back under your control. Depending on your level of debt, you should check what kind of credit card debt services you require before you sign on for any program. You should also be aware of the services you?ll be getting and how much you can expect to be charged for those services. Be sure that you?re applying for the right credit card debt services for your individual situation. Credit Counseling Services Financial credit counseling is perhaps the simplest form of credit card debt services. Certified counselors are trained to take a look at your financial situation and then help you to find ways to adjust your current budget. They?ll also work with you as you learn how to take control of your financial obligations in a responsible manner. In many cases, credit counseling could be the perfect solution for many people, because you?re not just learning how to reduce your debt properly and effectively, but you?re also learning valuable financial literacy that can help you avoid getting into the same financial mess again in the future. Debt Consolidation Services Many debt consolidation companies offer credit card debt services in the form of consolidation loans. Their aim is to refinance your current credit card balances and roll them into a consolidation loan that is often charged at lower interest rates. Your old repayments stop and you only have one easy repayment to think about each month that is often much lower than your old payments. While it appears that all your credit cards have been paid out and your payments have been reduced, it?s important to look at your overall level of debt. Many people who apply for debt consolidation loans through credit card debt services find that they owe more than they did after the loan is established. This is usually because some of your old creditors may have added penalty interest or overdue fees to your balances, but it may also be because the company you?re working with may have also added their fees to your debt balance. While you might feel as though you?re paying less each month, you may have actually increased the amount you owe. Always check how the company you?re working with will be paid. Debt Negotiation Services Credit card debt services exist for those clients who haven?t made any payments on their credit cards for several months. If this sounds like you, then you might consider applying for a debt negotiation program. Companies offering debt negotiation, or debt settlement, work with you to negotiate with your creditors on your behalf in an attempt to get the lender to settle for a smaller amount of money as payment in full for your outstanding credit card debt balances. This works best on unsecured debts like credit cards and you should be able to show the company that you haven?t made repayments for at least a couple of months. In many cases, credit card debt services using negotiation as a tool to reduce your debt can often get your creditors to agree to accept 40-50% of the original debt amount. This can be a significant debt reduction for many people. http://www.LizsWorldprofit.com
Copyright Elizabeth English - 2012
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Credit Card Debt
http://www.LizsWorldprofit.com
Copyright Elizabeth English - 2012
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Credit Card Debt
Resource Republished with author's permission by Elizabeth English http://LizsWorldprofit.com.
http://www.LizsWorldprofit.com
Copyright Elizabeth English - 2012
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