Did You Know That The Average American Household Has 13 Payment Cards Including Credit Cards, Debit Cards, And Store Cards? Plus, There Are 1.3 Billion Payment Cards In Circulation In The United States Right Now. And, On Average, Americans Carry About $5,800 In Credit Card Debt Month To Month. If One Were To Make Only The Minimum Payment On That Debt Each Month, It Would Take 30 Years To Pay Off Including An Additional $15,000 In Interest. Welcome To DebtConsolidationSite.com. We'll Provide You With Articles, Tips, And Tools That Will Help You Regain Control Of Your Credit. As
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What Your Banker Won't Tell You About Debt Consolidation
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Hot: Which Is Better -- Consolidation Or Bankruptcy?
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How To Consolidate Without Damaging Your Credit Score
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Can You Really Get Credit After Using A Debt Service?
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How to Handle and Avoid Credit Card Debt
Author: By Laurel Fisher
If you are trying to avoid credit card debt, it probably seems like the entire world is working against you. Anyone with a mailbox receives hundreds of credit cards offers every year. And although credit cards can be lifesavers when used responsibly, they can become nightmares when used recklessly.
The first step to avoiding credit card debt is to avoid credit cards. Now, this does not mean that you should never use a credit card. For certain transactions, especially ones made over the Internet, credit cards are usually considered the safest payment method. However, you should avoid putting every day purchases on your credit card, lest they quickly add up. If you cannot afford a purchase with the money that is in your wallet or in your bank, ask yourself if you really need to make the purchase after all. If you do need to buy something and the credit card is your only option, try to pay the debt off as soon as possible.
When picking a credit card, do not be fooled by low introductory APRs. If the rate jumps in a couple of months, then the credit card is not a good deal. Instead, look for credit cards that have a continuously competitive rate. You can even try calling your credit card company and asking for a lower rate. Although it might take a bit of negotiating, many credit card companies will lower your APR rather than lose you as a customer.
No matter how low you APR is, do not think that it is okay to only make the minimum payments. If you only pay the minimum fee, it will take you years to pay off the credit card. In the meantime, you will accrue more debt in interest. For example, if you have $2000 in credit card debt and have a rather low APR of 14 percent, you will still have to spend over six years paying off the credit card if you make a minimum monthly payment of $40. In this scenario, you will end up paying over $1000 in interest. With a higher APR, you would pay considerably more. Obviously, making higher payments as soon as possible is the best solution.
Many companies offer debt consolidation loans; if you have a lot of debt on several different cards, debt consolidation may be a good option for you. Other types of debt, including medical bills, can be consolidated at the same time. If nothing else, consolidation makes paying back debts easier, since you have fewer checks to write each month and less chance of forgetting to pay. Even better, most people are able to lower their combined monthly payment and APR by consolidating. Just make sure you pay back as much as possible every month, even if you are not required to pay as much as before. And do not rush into consolidation; take your time looking for the best deal.
Credit card debt is not the end of the world, but if it is not handled responsibly, credit card debt can be the end of your financial security. For more Credit Repair Tips, please visit us at Helpful Home Ideas.
About the Author
Johann Erickson is the owner of Online Discount Mart and TV Products 4 Less. Please include an active link to our site if you'd like to reprint this article. He is also a contributing writer for sites such as Helpful Home Ideas
Article Keywords:
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Recently, an interesting
email came across my desk. I'll paste it below.
Check it out...
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Dear Anthony-
HELP I am in over my head
and I obviously need help. I owe just over $12,000 on two credit
cards. I know in
the past you recommend debt consolidation. But, I have read about
of the SCAM artists out there. Is
there someone I can talk to that you recommend? -Dan, New York
There are a lot of things to watch out for when it comes to debt consolidation. I
have a company I wholeheartedly recommend to others in need of help. I
find them fair, easy, and they don’t use “high-pressure” tactics.
Press the link below to check them out now.
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