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.
Read more
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