Credit card debt

To understand everything about credit cards, one must first know everything about credit. “Credit, in commerce and finance, term used to denote transactions involving the transfer of money or other property on promise of repayment, usually at a fixed future date” (“Credit”). This means that people who use credit cards have made a promise of repayment. People who break promises usually face consequences, and that happens when they break this promise. If a person does not repay the borrowed money, then they will have debt, and no one should ever want to be in debt. It could take years for someone to get out of debt, and some people never even get out of debt. Debt can really ruin someone’s life, so it is best to try to stay away from it. There…

3.0 Background 1. What is credit card debt? It is an unsecured financial obligation to one or more banks or companies that issue consumer credit cards, resulting from purchases or advances using the card that have not yet been paid back. No collateral is required for credit card borrowing, but interest rates tend to be higher than for other types of loan, and severe late payment penalties may apply. While, technically, all purchases made by credit card create a debt to the user, these debts…

Simple Steps to Help Reduce Credit Card Debt The U.S. has a cumulative revolving debt of more than $850 billion, according to the Federal Reserve. A whopping 98% of that figure is comprised of credit card debt -- with 54 million households in arrears for an average balance of $15,788.1 If you are contributing to staggering sum of outstanding credit card debt in America, you need to start digging your way out, and the sooner the better. Debt can stand between you and your financial goals, such as…

When you are having a difficult time paying off your credit card debts, you would look for ways on how to make it easier. You may have encountered credit card relief programs before and this is just what you need to solve your problem. It may not be the easiest way out but it should be enough to help you. The first thing you need to do is to have a look at your expenses to determine which ones you really need, and which ones you can live without. Making changes in your lifestyle is also…

In “What Dives Credit Card Debt?” Amy Traub informs us about the amount of debt in America. The United States have about $854 billion in credit card debt. Researchers did a study on the household of the states which had about 1,997 people. The researchers found that people who have debt has no health coverage or a lack of. This means if your insurance is not that good you have to pay for the remaining which you would use a credit card. Another way is losing your job that means you cannot pay…

Credit Card Debt-Is It Easy To Get Out Of It? By Chandrasekaran Rajamani Oct 25, 2010 The problem with credit card debt is that it is unsecured debt hence has higher interest rates(up to 36% per year) compared to secured debts. Normally credit cards are used for buying almost anything and if you do not pay the whole borrowed amount within the stipulated grace period(normally 25 days) after the credit card bill is issued , high rate of interest is charged. This keeps adding up due to the…

carries more than $16,000 in debt, and has an average household debt of over $130,000. Many factors contribute to this, including a cost of living that hasn’t kept up with income growth. Many Americans suffer from the aftermath of the global economy crisis. These facts, plus the ones in the article to follow aren’t meant to scare the American consumer. Rather, they are meant to encourage Americans to manage their finances in a better, more empowering way. Below are five ways that will help…

Kick Credit Card Debt to the Curb The average American has credit card debt of over $5,000. That means half of Americans have credit card debt in excess of $5,000. The NAACP claims that black Americans have improved in this area and owe thousands of dollars less for credit card debt each year than they did in 2009. While things are looking better, blacks are still more likely to have larger debts that other races, with the average African American holding $5, 784 on their cards. Bruce…

Having a good debt-to-available credit ratio will help you attain a good credit rating. The less debt you have compared to available credit, the better your credit rating. To learn more about how important credit cards are to the overall credit rating process, visit myFICO. Since having good credit is important, knowing how to minimize the charges you pay to credit card companies is also important. Monthly finance charges, fees, and penalties can become quite costly over time. However, there are…

Regions Visa® Platinum Credit Card In all economy, there is the existence of necessities not only in resources, such as capital or money, but in credit. This is because of being known as a mechanism that provide such resources. Thanks to the credit cards, people and organizations have access to resources that in another form would be difficult to obtain. In addition, credit activates consume in costumers generating so the productivity of a country. And companies can increase their…