Credit card debt is an increasingly common problem for many people, especially in an age of ever-higher interest rates. When you are reading this into your monthly monthly credit card bill, you’re probably thinking, ‘Why is this happening?’ By understanding, we may be able to eliminate this problem.
First, let’s review our current predicament. The average American owes over $1,800 on credit cards. Things are about to get even worse, as higher debts make things easier to manage.
In order to pay off our debt faster and to reduce the damage from credit card debt, we must do two things. The first is to look for effective ways to reduce and even eliminate credit card indebtedness once and for all.
The second is to learn how to choose the proper type of debt. A debt consolidation loan is a loan with only one or two creditors making the same payments. The loan will save you from bankruptcy, and even eliminate the interest rate associated with credit card debt. The best way to learn exactly what type of debt the average American owes is to take a look at our individual debt.
We can start with our current credit card debt.
Mortgage: Almost half of working Americans owe their home in ‘secpiy’, and much is dependent on this, weeding through garbage cans all day long and learning about both the repayment schedule and our interest rates.
However, this ‘traditional’ way of managing credit cards is also costing us, and so we must clearly learn how to best use these loans!
Debit card debt: It has gotten worse since the Great Recession. Nearly half of the American working adults hold more than a checking, savings or savings loan with just one or two creditors, meaning that the interest rates and rates for these loans go up. That means that 35 percent of people have taken the plunge and are paying more than they’re earning.
It’s time to take a closer look at our present predicament. What exactly is credit card debt, and how can we best use more equity in these accounts?
Simply put, credit card debt – as an entity – is much more expensive than it appears, and its consequences.
What’s the solution, dear reader?
First of all, credit card debt (and credit card loan debt as a whole) is expensive, and it is an ever-increasing problem.
Our current systems should be designed so that all of us are able to get on with our life and take care of our financials while getting both credit card debt bondage (by the grace of ‘zero percent’ credit cards) and as much equity in these accounts.
We should make it so that everyone is able to manage their own debts and not even have to think of taking on additional credit card debt.
Another of the solutions we can offer to credit card indebtedness is to provide debt consolidation loans and loans that can lower interest rates as well as make debt consolidation very easy.
For example, if you’re applying for this type of debt (which is growing more common these days), by consolidating your payments with a consolidation loan, you can:
Make your monthly payments manageable.
We can simplify this by allowing our monthly payments to be used towards not only the consolidation loan amount, but also towards your credit card debt.
This way our monthly payments will allow us to pay off all of our credit card debt faster, without the high interest costs and late fees that can result from too much debt (or too little).
We even found that people who once shared a room with 24/7 credit card debt relief are now sharing another room with someone else’s spouse.
And these two situations end up being totally reconciled – because credit card debt consolidation is easy.
A debt consolidation loan would be easier than ever to qualify for, since the interest rates (or their associated costs) would drop.
We can also negotiate with our creditors for lower interest rates and without an annual bill!
One way to do all of those things rather than being stuck paying interest charges on one card while getting into debt all on one is by paying off our debt without the need to have credit cards lying around, saving for emergencies such as those related to a breakdown in credit.
Credit card debt consolidation, moreover, is a great way to use equity instead of more expensive credit cards, since no more interest will be charged on the outstanding balance no matter how much debt you have so that credit card debt relief can finally take care of itself.