Learn About Credit Card Debt Facts

Why debtload grows until it overwhelms you.

Consider the concept of having credit cards but without the high debt load they frequently bring. According to NellieMae (a wholly owned subsidary of SallieMae), the U. S. Consumer median credit card balance was $3,068 in the year 2000.

Assuming an annual interest rate of 9%, and paying the minimum monthly payment on $3,000 of credit card debt, it could take you approximately 50 years, and result in interest payments equaling $1,500. You would be paying 50% more than if you had paid cash!

Now it's time to pull out your statement and see the facts on how much you really have in credit card debt. If this frightens you, it is all the more reason to know how much, and what to do about it.

If you have a hard time making the minimum payments, you need to take action before your credit file is trashed, and you have creditors calling daily.

Credit Card Debt Facts: Approximately 20% of all credit card holders had credit card debt in the $6,000 to $15,000 range, and 6% had credit card debt that exceeded $15,000.

We recommend debt consolidation through a reputable Consumer Credit Counseling Service to get your finances under control. They can help you with managing your money, as well as deal with your creditors for you.

CareOne offers consumer credit counseling.

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