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A Beginner's Guide to Low Interest Debt Consolidation Loans
Looking for low interest debt consolidation loans can sometimes seem like looking for gold at the end of the rainbow, but loans with minimal interest can be had even by people with poor credit ratings. The most important things in trying to find...
Bad Credit Debt
In today's world, there are a lot of things that its very
difficult to live without. One of them, is credit. Can you
imagine trying to save up for a car until you had enough cash to
just pay for it outright? Do you think you would be able to...
Bad is the opposite of good. Is it? Not with bad debt personal loans
‘Bad’ means ‘bad’ no matter where you go! It is cumbersome and heavy, a threat and negative. So, you are taking this burden of bad debt every time you make a loan application for personal loans. It can’t be translated into something good and...
Consolidate And Live Debt Free
Are your credit cards in charge of your life? Are you living
payday to payday with no end in sight? Making large payments but
not making much of a dent on your principal balance? It may be
time to consolidate and live debt free.
Debt free...
Shocking Facts - What Debt Settlement Companies Don't Tell You
If you're thinking about using a debt consolidation or debt settlement service to help you get out of debt faster and save money on your monthly payments, make sure you do your homework before choosing a company. There are definitely shams and...
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How Credit Card Debt Effects You
The statistics are truly mind numbing and continue to get worse
each and every year. At the current rate about 1% or one in a
hundred families will be forced to declare bankruptcy at some
point and over 90% of Americans' disposable income is spent
paying back debts.
Not a happy picture but as bleak as that sounds running won't
change it but knowledge may and so, let's take a quick snapshot
at a few of the current credit card debt statistics facing so
many Americans today.
The American Consumer spends over 1 trillion (that's a 1 with 12
zeros) per year on credit card purchases. Not a big deal in and
of itself but the problem lies in that they end up carrying over
and paying interest on about half that amount or $500 billion.
This translates into a balance of between $5,000 and $8,000 per
family, with about $1,000 per year going just to pay the
interest.
That's just the average - many people owe much, much more!
Excessive Debt Costs Everyone Money Many American receive at
least one new credit card offer in the mail every day. The money
being spent to service the debt industry is truly immense.
Billions are spent administering, calculating and marketing the
various aspects of the credit card industry.
Few industries or people escape unscathed, at least in the long
run by debt. The burden that bankruptcy puts on the court system
or the cost to government of providing subsidized debt
counseling, are just a few examples of how debt effects the
nation. In addition, consumers with excessive debt have less to
spend and when money isn't flowing, it hurts the economy.
Whatever Happened to Saving? Debt is becoming increasingly more
common. Not long ago, even a little debt was considered to be
absolutely unacceptable. When you wanted something, you saved up
for it and bought it ONLY after you had enough money to actually
pay for it. And, if you had less than perfect credit, you
couldn't even get a credit card. Look at consumer debt figures
as little as 50 years ago and they were absurdly low - the way
most of the
non-Western world is today.
The reasons are many and everyone has an opinion but regardless
of the reasons, the art of saving, at least in the "western
world" seems to have been lost. Outside of a 401K or similar
vehicle offered at your place of employment, virtually nobody is
saving enough for retirement. Banks are starting to have to
offer ever-higher interest rates to get people to put money
anywhere near a savings account. In fact, few people even have a
savings account anymore. Most people have a checking account and
that's it. Our society and progressed into a "now" culture and
the virtues of patience that help grow this country seem to have
been lost. Whatever it takes to live life in the present with
little regard for the future, appears to be the prevailing
sentiment.
Is Over Spending the Culprit? Ok, I've been a bit harsh up until
now but I don't want to give the impression that the only reason
you're in debt is because you continuously and frivolously
overspend. Other factors are involved.
Truth be told, many people get buried in debt because of the
loss of a job or an illness and they use credit cards to pay for
basic expenses. As a result, they fall into the downward
interest trap spiral as their debt grows out of control from
just a few thousand dollars initially borrowed to pay for
essentials.
Most people do have a reasonable sense of what they can afford
and they don't just go out and use credit cards to buy any and
everything. Getting heavily into debt is usually a combination
of many factors but the problem lies in people leaving balances
on their credit cards for too long and not realizing just how
deadly compounding interest really is to their financial
well-being.
About the author:
Amber Knutson is a contributing writer to: Eliminate Credit Card Debt
and Debt
Consolidation and Managing Debt. This
article may be reproduced only in its entirety.
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