Credit Card Debts
Credit card debts can be a pain in the wallet. Learn how to safely -- and effectively -- get rid of them.
Credit Card Debts And How To Eliminate Them.
Almost everyone owns at least one credit card. We keep our credit cards in case of "emergencies," but sometimes our spending can get out of hand. Don't let credit card debts get the best of you. Not when help with credit card debts is available.
What's one of the biggest problems plaguing Americans today? It's credit card debt. Check it out:
- Average amount of unpaid credit card debts for families who have it is $12,000
- Credit card debts for Americans living below the poverty level doubled by the mid 1990s
- The average credit card balance for senior citizens went up 89% from 1992 to 2001
- The average college student owes $2,800 in credit card debts (not including student loans). If he or she pays $50 a month and the interest rate is 18%, it will take more than ten years to pay it and he or she will have paid $6,154
- Average consumer debt per person: $7,100
- Over 55 million need to pay off credit card debts
Now more than ever, we are a nation in need of credit card debt elimination.
It's not an easy task, but it will do you and your credit good to eliminate credit card debts. And there are lots of ways to do it, too. There are five basic credit card debt reduction programs:
- Debt Consolidation - Reduces your balances and interest rates and then combines the new balances into one. You make one monthly payment that's a lot more affordable than the sum total of what you were paying before. Because of the reductions, you can be debt free in about five years. There are debt consolidation programs for almost any situation, from credit card debt consolidation to bad credit debt consolidation.
- Debt Settlement - Allows you to pay off your debt at 30-60 cents on the dollar, but you have to have the money up front to pay off the new, lower balance in full all at once.
- Debt Consolidation Mortgage - Allows you to borrow from the equity in your house to pay off your unsecured debts. Your payment is tied in with your mortgage payment, so you get the same low interest rate as your mortgage.
- Debt Consolidation Loan - A low-interest loan given to you so you can pay off all your unsecured debts at once. It is a common way to reduce credit card debts. When you consolidate credit card debts, you only make one monthly loan payment instead of several monthly creditor payments, and you have the loan paid off in five years because the interest rate is so low.
To figure out which one of these credit card debt relief programs works best for you, simply complete and submit our online form. Within 24 hours, we'll send you custom-made quotes and referrals to the most reputable companies in the credit card debt help industry.