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Posts tagged "Credit Card Debt"

Americans in debt: Why the debts keep rising

People in America are struggling with credit-card debt. The reality in today's America is that people often want what they can't afford right now. The society focuses on getting the best and newest products, even though that could cause individuals to go into debt.

How can you avoid drowning in debt?

Credit-card debt isn't a new problem in America, and if you're in your 30s, then you're probably like many older millennials and have your own to deal with. In this group, many people struggle with student loans, and some have taken on credit-card debt while trying to find a place to live, a job and a stable income.

What are a few ways to eliminate credit debt?

Making a minimum payment on your credit card each month is the worst way to pay it off. While it does keep you current, it's likely to lead to many years of debt instead of making a clean payoff quickly. Interest rates add to your bill every month, making your minimums too low to bring down the principal balance much at all.

What are some good ways to pay off credit-card debt?

Paying down your debts is not always easy. With credit cards, they can quickly add up, which means they become harder to pay down. High interest combined with paying the minimum payments each month can quickly wear you down and put you in greater debt than previously.

Control credit-card debt when it gets overwhelming

Credit cards can provide a person purchasing power when they can't use cash or other methods. While many people are able to safely use these cards and pay them off at a reasonable rate, even small financial changes can sometimes lead to an inability to pay the bill. This leads to a need for finding a solution to the issue.

Should you work with a debt-settlement company?

If you are in over your head with credit-card debt, one of your options may be debt settlement. A debt-settlement company isn't always the best avenue for settling your debts with your credit-card lender, though. Instead, understand that you can negotiate with your lender directly. Often, if you're willing to pay a lump sum at one time, it's possible to negotiate a debt and pay it off for less than you owe.

Credit debt could increase with new rate hikes in 2018

Credit-card debt is a growing concern in America. Thanks to the growth and stability of the economy at this time, people have felt comfortable taking on debts they may not have in the past. There's a risk to taking on debt, though. One of those risks is facing hikes in your interest rates, costing you more money than you initially planned for.