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Credit Card Debt Archives

Know how to spot debt collector harassment

Having to deal with bill collectors isn't on the top of anyone's list of fun things they can do during the day. There are some specific points that anyone who has to deal with debt collectors should know so that they can determine when legal attempts to collect a debt turn into harassment.

Credit card debt can be difficult to overcome

Credit card debt is difficult to overcome, especially when you can't afford to make more than just the minimum monthly payments. As time moves forward, you will likely find that you are having to pay more and more in interest. Even the fees from the card might start pushing the balance up.

Credit debt continues to grow across the United States

If you ask anyone in America how much credit card debt he or she has, he or she is likely to tell you an amount. Most Americans carry at least some debt on credit cards. A May 17 news report looked into just how much people carry in debt today.

Credit cards can help or harm your financial situation

There are several things to think about when you are considering a credit card. One thing is that you will have to repay what you charge. Another thing is that credit card companies make their money off of fees and interest. While fees and interest aren't likely to be much if you use your credit card responsibly, they can add a hefty amount to purchases if something happens and you can't pay the card off in full each month or within a reasonable time.

Do teens and young adults get into debt too soon?

It may not surprise you, but there are more teens struggling with debt today than in the past. In fact, just between 1992 and the early 2000s, the number of teens who took on debt had risen by over 100 percent. Not all of this debt is credit debt; some may be related to college loans or car loans. The point is that it's more common to see that teens and adults between 18 and 24 have found themselves already in a pile of debt.

Know your options for handling holiday debts

Now that the holiday season is over, the credit card bills are rolling in. These bills might not be pretty. You might soon realize that you can't make the minimum payments and keep up with your normal living expenses. If you are in this position, right now is the time to think about how you will handle the situation. You can sit back and do nothing. You can find a second job and struggle to make the payments. You can seek relief from the debt that you suddenly find yourself in.

Debts and the holidays: Americans add close to $1,000

After the holidays, any extra spending you put on credit cards can come back to haunt you. In fact, the average American added $986 in debt during the holidays in 2014. In a survey performed with an national sample of 403 Americans, they reported that the average amount they added to their accounts was $986, and 44 percent of debt holders stated they were stressed about it. Maybe most shocking is that with a 15 percent interest rate and a minimum payment of $25, this relatively low amount can take over 10 years to pay off and include another $400 in interest.