Credit Card Debt Piling On Fast

July 17, 2017

Most American adults have a credit card, and they usually don’t even realize how much money is being spent on the card every month. There are those who pay off their cards every month and don’t see any kind of consequences to using credit cards (called convenience users). This makes up about 35 percent of credit card users aged 25 to 50, according to Bloomberg Business. The rest of the credit card users are considered revolving users because they do not pay off the bill every month and are constantly paying interest on the credit card debt. Even the average 80 year old owes credit card debt. It is true that it starts when you are young and becomes a habit ingrained in you until it gets so bad that you really don’t know what to do. If you are looking to get out of the cycle, talk to an expert about the best option for you.


Seek out an expert

Working with an expert means you are putting your financial future in the hands of someone who knows what they are doing with money. They will help you figure out the best solution for getting debt free and staying that way. One option that might be recommended is debt consolidation. It is one of the best options when you are drowning in credit card debt. Credit cards charge excessive interest fees, especially if you have ever missed a payment. They will even up your interest rate if you’ve missed your payment by 5 minutes from their cutoff time. With multiple credit cards, it can be really hard to keep track of what you owe and to which company. Instead of dealing with multiple creditors who are charging you all kinds of different interest fees, a debt consolidation loan will pay off all your debt and give you one monthly payment at one interest rate to pay back.

Is it right for you?

You’ll need to figure out if this is the right way for you to go. Of course, anyone who is drowning in piles of credit card debt is going to feel the pressure to get it paid off as soon as possible. The easiest way for you to keep track of your debt and pay it all off is to cut off credit cards and use a consolidation loan, so talk to an expert and see what they can do for your piles of debt.

Source: http://www.bloomberg.com/news/articles/2016-02-09/americans-can-t-help-themselves-from-borrowing-more-on-credit-cards

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