Credit Card Debt
“Buying on the installment plan makes the months shorter and the years longer”.
Almost half of the citizens of the United States of America suffer with credit card debt. You will suffer under the stress of credit card debt if you make minimum payments for extended periods of time, pay your credit card bill late, or spend more than your credit card allows.
Credit Card Debt and Your Minimum Payment
If you make only the minimum credit card payment you are barely covering the interest due and you are doing nothing to lower the amount owed. Your best probable solution is to not use credit cards at all, but in this day and age that is unrealistic.
MBNA, Citibank and Bank of America have announced they are doubling minimum monthly payments on credit card balances from 2% to 4%. Others are expected to follow suit quickly. To some cardholders it could be devastating.
Recently, Bank of America purchased credit card firm MBNA and Citibank began gobbling up retail store cards. Only the future will tell how this will affect consumers
Credit Card Debt Solution
The only realistic solution is to use credit cards as they were intended, as a convenience. Do not purchase anything on a credit card that you are unable to pay off quickly.
If you run headlong into credit card debt and are unable to catch up on your payments, debt consolidation may provide an answer, but only if you cut up your existing cards and refrain from applying for others.
If you are suffering under the burden of excessive credit card debt, it may be time to learn more about Credit Card Debt.
Credit Card Debt Related Stress
“Interest works night and day in fair weather and in foul. It gnaws at a man's substance with invisible teeth.” --- Henry Ward Beecher (1813 - 1887)
If you find yourself being consumed by debt related stress, it is far easier on you and the family to get debt help sooner than later. If you are displaying any symptoms of excessive stress, seek out a Certified Credit Councilor today. The stress of not knowing your options, of feeling yourself being pulled further into the mire of debt will affect your health and the well-being of those close to you.
It is not worth the emotional stress created by running from debt problems when you have all the debt help you need at your fingertips. Relieve the stress and start on an economic path that makes life better for you and yours.
Learn more about Debt and Stress.
Find out the Truth about Consumer Debt in America.
