Credit Card Debt

Credit card debt has brought the average consumer to their knees. It is designed so the balance is ongoing and never can be paid off. What you don’t believe me? Okay, do an experiment; take one of your credit card statements, andlet’s say, one you always make just the minimum payment on. Look at the balance it might be marked as average daily balance, revolving balance or monthly balance, now go back and look at the last 6 months. Notice how regardless of what you do it keeps going up. It doesn’t matter if you spend the same amount monthly or don’t spend a dime and make the same payment, your introductory balance has probably ended and oh yes, in the fine print of your contract it clearly says that “interest rates can fluctuate”. If your payment was even a few minutes past deadline, they will automatically add a late fee. Some will even add a service charge if the payment was off a few cents. But, the main issue here is they do not want you to pay off the balance because then they won’t make any money. It’s a vicious cycle and if you think that taking out a loan to pay it off will solve the problem think again. A loan is a short term solution because you will keep spending and eventually you will not only be in credit card debt up to your eyeballs again, now you have an additional loan to pay off and you are now in such a hole that bankruptcy and foreclosure are on the horizon and worse there is nothing left to juggle.
Is it all bad news? No, there are some excellent companies out there to help you. Whether you choose consumer debt counseling or a debt relief company there is a light at the end of the credit tunnel. Bottom line: Get out of credit card debt and stay out by not spending what you cannot pay back. You should not be working for your money; it should be working for you.