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5 tips about Debt consolidation
Debt consolidation is a way to financial freedom, having a
positive impact on the credit rating. Credit rating, quality of
living, and the impact on the family, are affected when
creditors harass for payment and the payment made causes...
Credit Card Debt Management
Credit cards that are used in moderation could be helpful in
managing your finances. This means that splurging through the
use of credit cards is almost financial suicide.
Here are few tips to manage the way you use your credit card...
Debt Management
At times of severe financial crisis Debt Management Plan (DMP) helps you to manage your funds and also protects you from the humiliation of debt struck conditions. The famous American author Washington Irving in ‘Wolfert’s Roost’ addressed...
Debts Negotiations
If you're in a really bad situation, and you just can't even
make your minimum payments this month, don't worry. You can
negotiate your debts, and pay back much less than you owe - as
long as they get their debt plus interest in the end, no-one...
Why an Alternative to Debt Consolidation Cannot Compete
Watching your financial condition worsen, there will be many to offer you a word of advice along with their sympathy. The courses of action suggested will number as much as the number of sympathisers. This confuses the individual rather than...
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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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