Do You Have a Credit Card Debt Problem?
Credit card debt problem.
If you're reading this article then it is very likely that you have a credit card debt problem.
I am sure that you are not wanting to file bankruptcy on your debt and that is why you are seeking more advice.
I was in this situation myself many years ago and have been studying the credit industry for quite some time because of it.
Whether you have $5000 or $50,000 in debt it can sometimes feel the same when you are not able to make your payments.
The only available help from the government is the recent stimulus package which allows you to erase your credit card debt if you have over $10,000.
If you do not qualify for this we need to discuss ways to get rid of your credit card debt problem.
If you have used your charge cards to charge up bad debt in your life you already know they can take a toll on your emotional well-being too.
You may have been the victim of bad or negative marks on your credit report due to your credit card debt problem.
The truth is the line of credit that has been established and given out to so many Americans is now creating a to crisis in the United States.
According to a recent survey put out by the Federal Reserve the outstanding balances that were carried by United States consumers in 2008 totaled over $951 billion and that number is expected to skyrocket after 2009.
If you notice that banks becoming more and more strict about who they will loan the money to, this is the very reason.
There are more layoffs and instead of Americans not being able to afford luxury items like vacations and other trips, they are having a hard time paying their monthly bills.
The sad fact about this problem is that this will not stop your financial institution from lending you money through a line of credit.
They know the hard times are here and they are taking advantage of them in another way, and that is what the customers who cannot pay their bills.
Now, if you default on your debt they will get nothing but they do not mind helping establish $500 - $1000 line of credit either.
So it's important if you have a credit card debt problem and you have less than $10,000 that you use your cash wisely and make adequate payments each month so you can cover the principal.
If you look very closely at your minimum payment you will see that you're only paying 90% interest and 10% of your principal.
This will keep you in debt forever.
This is why it's important to make above your minimum payment every month.
If you're reading this article then it is very likely that you have a credit card debt problem.
I am sure that you are not wanting to file bankruptcy on your debt and that is why you are seeking more advice.
I was in this situation myself many years ago and have been studying the credit industry for quite some time because of it.
Whether you have $5000 or $50,000 in debt it can sometimes feel the same when you are not able to make your payments.
The only available help from the government is the recent stimulus package which allows you to erase your credit card debt if you have over $10,000.
If you do not qualify for this we need to discuss ways to get rid of your credit card debt problem.
If you have used your charge cards to charge up bad debt in your life you already know they can take a toll on your emotional well-being too.
You may have been the victim of bad or negative marks on your credit report due to your credit card debt problem.
The truth is the line of credit that has been established and given out to so many Americans is now creating a to crisis in the United States.
According to a recent survey put out by the Federal Reserve the outstanding balances that were carried by United States consumers in 2008 totaled over $951 billion and that number is expected to skyrocket after 2009.
If you notice that banks becoming more and more strict about who they will loan the money to, this is the very reason.
There are more layoffs and instead of Americans not being able to afford luxury items like vacations and other trips, they are having a hard time paying their monthly bills.
The sad fact about this problem is that this will not stop your financial institution from lending you money through a line of credit.
They know the hard times are here and they are taking advantage of them in another way, and that is what the customers who cannot pay their bills.
Now, if you default on your debt they will get nothing but they do not mind helping establish $500 - $1000 line of credit either.
So it's important if you have a credit card debt problem and you have less than $10,000 that you use your cash wisely and make adequate payments each month so you can cover the principal.
If you look very closely at your minimum payment you will see that you're only paying 90% interest and 10% of your principal.
This will keep you in debt forever.
This is why it's important to make above your minimum payment every month.
