Kick Credit Card Debt to the Curb for Good

credit cardCredit card debt in America almost seems like a way of life. With 6 out of 10 Americans in debt, the situation is nothing less than alarming. The average American household owes $16,748 and many Americans have continuously found themselves under a growing mountain of debt. While they are spending, most borrowers don’t realize that paying back the debt is costly and greatly affects your overall financial health.

Carrying a balance on your card each month means that you will pay a hefty amount of money in interest rates. If you’re among the several Americans with credit card debt, the good news is that it is possible to pay it off whether it’s $4000 or $40,000. With focus and discipline, there’s no doubt that you can attain ‘debt-free’ status in a short time with the following steps:

1. Know Your Exact Debt

Many people are not aware of exactly how much they owe. Some will say they owe $8000 and yet the correct figure is $10,000 or $12,000. You can’t pay for what you don’t know for sure, so make it a point to record your debts. Don’t be afraid to look at your statement and face the truth. Continue reading

Average Credit Card Debt Continues To Rise In 2019

credit card debtThe New Year and its accompanying festivities might be a time of joy and excessive spending but, for some people, their merriment would be dampened by the huge credit card bills detailing their Christmas spending.

Credit card debts are fast on the rise, with average credit card debts in America hitting truly astonishing figures in 2019. As at January 2019, credit card balances were found to be at an all-time high and, with rates being on the increase every so often, the accumulated interest payments from consumers is calculated to be at billions.

Statistics and key findings on the Average American Household Debt and Total Outstanding U.S Consumer Debt shows that the average American family lives with a debt of $5,700, with 41.2% of households being in one form of credit card debt or another. A surprising $1,141 was also paid as interest in 2018 alone by the average U.S household, a number thought to increase some in this year, 2019. Continue reading