There are multiple facets to credit card debt. There are multiple myths surrounding these multiple aspects that people tend to believe. These myths may hurt them as they work to pay off the debt

1. Credit Card Debt

2. Preface / Introduction
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3. Table of Contents
1. Credit Card Debt Facts
2. Credit Card Debt Services - Are They Right For You

4. Credit Card Debt
Credit Card Debt Facts
There are multiple facets to credit card debt. There are multiple myths surrounding these multiple
aspects that people tend to believe. These myths may hurt them as they work to pay off their debt.
Knowing the credit card debt facts, over these myths, will help you to better understand your debt.
You can better understand what you need to do to pay off that debt. You can also better understand
the culture of debt in society, and how you must work to stay away from a growing trend.
Interest Rates can Change
Interest rates are not set in stone. While you may enjoy a small interest rate now, that interest rate
could jump without notice. While laws are being passed to change the rules regarding interest rate
changes, they may still be changed until these changes become law. By sticking with monthly
payments and by religiously paying down your debt, you can avoid these interest rate changes.
Minimum Payments are Not Enough
Many people believe that the minimum payments that they are making will be enough to pay down
their cards debt balance. They do not realize that, on many of their credit cards, the interest charges
per month can be larger than the minimum payments. If you are only paying the minimum payments
on your cards, you may still be gaining debt.
Debt Continues to Rise
When people are dealing with debt, they tend to go into more debt. People will often open up new
credit cards to help pay off their old credit cards. Eventually, they fail to realize that they have dug
themselves into a deeper hole. General credit card debt is rising by at least 1% per year. Debt is also
rising on the personal level. Slowly but surely, the average debt for Americans in debt is rising.
According to a Nilson Report from April 2009, the average credit card debt for USA households has
jumped from $10,737 to $10,779; an increase of over $40 in less than a year, from 2007 to 2008.
More People Go Into Debt Every Day
As a nation, America has almost $1 Trillion in credit card debt. This number continues to rise. In the
past year, 700,000 people in America have gained a credit card that did not previously have one.
This means that over half of a million people went into credit card debt in the last year. Credit card
debt is an easy habit to fall into.
Debt continues to rise for individuals, and for society as a whole. If you can, stay away from
creating new debt as you work to overcome your current debt. With that being said, you should still
work to increase your payments to avoid the issues that come from many of these credit card debt
facts. By knowing the truth behind these facts, however, you can take the best possible approach to
your financial situation.
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5. Credit Card Debt
Credit Card Debt Services - Are They Right For You
There are many credit card debt services available, most of which are designed to help you cope
with your credit card debts and get them back under your control. Depending on your level of debt,
you should check what kind of credit card debt services you require before you sign on for any
program.
You should also be aware of the services you?ll be getting and how much you can expect to be
charged for those services. Be sure that you?re applying for the right credit card debt services for
your individual situation.
Credit Counseling Services
Financial credit counseling is perhaps the simplest form of credit card debt services. Certified
counselors are trained to take a look at your financial situation and then help you to find ways to
adjust your current budget. They?ll also work with you as you learn how to take control of your
financial obligations in a responsible manner.
In many cases, credit counseling could be the perfect solution for many people, because you?re not
just learning how to reduce your debt properly and effectively, but you?re also learning valuable
financial literacy that can help you avoid getting into the same financial mess again in the future.
Debt Consolidation Services
Many debt consolidation companies offer credit card debt services in the form of consolidation
loans. Their aim is to refinance your current credit card balances and roll them into a consolidation
loan that is often charged at lower interest rates. Your old repayments stop and you only have one
easy repayment to think about each month that is often much lower than your old payments.
While it appears that all your credit cards have been paid out and your payments have been reduced,
it?s important to look at your overall level of debt. Many people who apply for debt consolidation
loans through credit card debt services find that they owe more than they did after the loan is
established.
This is usually because some of your old creditors may have added penalty interest or overdue fees
to your balances, but it may also be because the company you?re working with may have also added
their fees to your debt balance. While you might feel as though you?re paying less each month, you
may have actually increased the amount you owe. Always check how the company you?re working
with will be paid.
Debt Negotiation Services
Credit card debt services exist for those clients who haven?t made any payments on their credit
cards for several months. If this sounds like you, then you might consider applying for a debt
negotiation program.
Companies offering debt negotiation, or debt settlement, work with you to negotiate with your
creditors on your behalf in an attempt to get the lender to settle for a smaller amount of money as
payment in full for your outstanding credit card debt balances. This works best on unsecured debts
like credit cards and you should be able to show the company that you haven?t made repayments for
at least a couple of months.
In many cases, credit card debt services using negotiation as a tool to reduce your debt can often get
your creditors to agree to accept 40-50% of the original debt amount. This can be a significant debt
reduction for many people.
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6. Credit Card Debt
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7. Credit Card Debt
Resource
Republished with author's permission by Elizabeth English http://LizsWorldprofit.com.
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