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Our
Featured Debt Relief Book Online:
How To Get Out Of Debt
The relative ease of obtaining credit enables consumers to get goods and services when cash is not
readily available. It also allows them to buy things on sale, make purchases when prices are low, and
pay for items at the same time they are using and enjoying them.
Unfortunately problems and financial risks occur, because consumers and creditors abuse credit.
Careless use of credit by consumers can lead to financial difficulty, family problems, repossession of
property, garnishment of wages, and even bankruptcy.
Options are available to help you manage financial difficulties when bills stack up and you cannot pay
them. This publication discusses how to spot potential debt problems, how to set up a debt-payment
plan, and court provisions for handling credit obligations.
The Debt Eliminator
There is no other aspect of your personal finances that can cause more serious problems than the
overuse of credit cards. This can happen very quickly. This ebook is designed to show you what the
national statistics are, give you a guide to using credit cards and, give you a method to accelerate
paying off your credit cards and other bills. You need to know that credit card use turns into credit card
abuse when you can't pay your balance each month.
Credit Card Statistics
When you pay only your minimum payment each month, 90% of your payment is interest and only 10%
goes toward reducing the balance. Credit card companies set your minimum payment to ensure that
they get as much interest as possible. Here are a few other statistics that might show you why credit
card debt leads to more bankruptcies than any other form of debt:
1. The average individual owes $7,000 on credit cards at an annual percentage rate of 18.9%.
2. A late payment fee of $29.00 can be assessed if you don't get your payments in on time.
3. About $65 billion was paid last year in interest by Americans.
4. The average household receives 7 credit cards solicitations each year.
The Minimum Payment Trap
If you continue to make the minimum payments this will keep digging you deeper in the hole!
Remember that it prolongs the repayment of your debts and causes you to pay thousands of dollars
more in interest charges. To be exact, if you’re paying double-digit interest rates, your minimum
payments are about NINETY-PERCENT interest charges! There’s barely any reduction of principal.
At the rate you’re going, expect to take the next FIFTEEN to TWENTY YEARS or perhaps the rest of
your life to become debt-free.
How can you get rid of your credit card debt? The first thing to do is get all your credit card
bills together. For each account, write down the total balance and the minimum monthly payment
required.
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