Credit Card Debt
Is credit card debt eating you alive? Beat credit card debt with help from a debt management program.
Credit Card Debt
Credit card debt is one of the deadliest types there is. Learn how to defeat it.
How to Triumph Over Your Debt
Lots of people have credit card debt. In fact, check out these stats about it:
- The average American household holds over $9,300 in credit card debt.
- Assuming an interest rate of 14%, and assuming only pay the required monthly minimum (4% of your balance) it would take 13 years to pay off $9,300. At 14%, the total amount of interest is $3,778.81, so you pay back $13,090.81.
- The total balance of all U.S. credit cards is $665 billion
- According to the American Bankers Association, 4.81% of all accounts were past due by 30 days or more
If you feel like you're the only one in the world with credit card debt, these statistics probably made you feel at least a little bit better. Here's some news that will really make you feel better though: You can get real, legitimate help with your credit card debts. There are four debt management programs that deal with unsecured debt like credit card debt:
- Debt consolidation
- Debt consolidation loans
- Debt settlement
- Debt consolidation mortgages
Most of these programs can get you out of debt in about five years, and they all do it through reductions. Some are just low-interest products, and some get your creditors to reduce your interest rates and balances. And if your credit card company is harassing you about any outstanding debt, enrollment in any one of these programs will end all that. The law states that if you are enrolled in a debt management program, the credit card companies are required to deal with your debt management company instead. And sometimes they can get your creditors to re-age your accounts, meaning they can get the credit card companies to report your accounts as current instead of delinquent.
Enroll in a debt management program to get your debt under control today and give yourself credit for doing the right thing.
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