Information You Ought to Know About Credit Card Debt
Information You Ought to Know About Credit Card Debt
The percentage of people carrying a balance on their credit cards is rising rapidly. Debt counselors and the credit card industry have both released statistics showing that Americans are carrying more and more debt and using more and more credit cards. The statistics on credit card debt can be downright scary.
Credit card debt is a problem for everyone, not just those of us with regular jobs. Evidence suggests that even those without jobs or regular income are adding to their debt.
Therefore, how should we proceed in this matter? The most important thing to remember is that everyone of us is personally liable for the money we borrow. Assuming that to be true, we can initiate measures to lower our debt load and monthly payment obligations.
Consider it this way: Credit cards aren't inherently "bad," but they do have their advantages and disadvantages. While the exorbitant interest rates are certainly a drawback, they can be lifesavers in an emergency. Just remember that they weren't meant for long-term loans, so don't use them for that.
A debt consolidation loan may be a good option to consider if you are discovering that you have outstanding balances on two, three, or even more credit cards. With this option, you can divide up your loan payments over a set amount of time. You may rest assured that the interest rate you pay will be significantly cheaper than what you would pay on credit.
You can typically find some great bargains from the main lenders if you browse around. And while you're at it, attempt to negotiate a lower fee. Just let them know that across the street you're getting a better price. Putting some competition into the mix will surprise you by how much it can change things.
However, this may not be the case if your credit is less than stellar. If that's the case, you might want to consider seeing a certified debt counselor or looking into bill consolidation services to see if they can help you lower your monthly payments.
The most critical thing is to do something about your credit card debt rather than become a statistic.
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