Credit Card Debt Doldrums

Are you 1 or 2 months late on your credit card bills? Are you over your limit and fees are climbing on your credit cards? Are you receiving the collection phone calls form your credit card company?

What is your personal credit card debt? The national average for America is an astonishingly high figure of $9,000. Private debt is at an all time high. As a result more and more people are fighting to make their minimum monthly payments and are on the verge of a serious financial collapse. Is there any relief in site?

The Credit Card companies charge a daily interest rate on the entire balance of your credit card. The interest rates are variable, and can range anywhere for as low as 3-5 % to as high as 18-23%. By just making a minimum monthly payment each billing cycle it could take you up to 10 years to pay off your balance. That assumes that you are not charging more onto your credit cards each month as well. If you are even one day late on the payment date for your monthly credit card billing cycle you are accessed a late fee. These late fees can be as much as $25-$30 per billing cycle.

If you have high interest credit cards and are only making minimum monthly payments and are close to your limit you may want to consider the benefits of a debt consolidation.

Living with large debt can put a lot of strain on an individual, family and relationships. Work towards eliminating as much debt as possible and try to live debt free. On this there are several topics that may provide a solution to you credit card debt situations.

Credit Counselors
Debt settlement options
Debt Negotiation

The strategies listed above are way to reduce or recover from debt without the finality of declaring bankruptcy. Each scenario from credit counseling, to debt consolidation, to debt negotiation has its own pluses and minuses.

Some of the downside negatives of Debt Negotiation and Debt Settlement are the Low Credit Scores and Credit History reports. Your credit history reports and scores will eventually rise once the payments are made consistently and one time, or the debt is settled and paid off.

However, if you can’t manage your own personal debt, then a credit counselor, debt negations or Debt Settlement may be your last resort prior to declaring bankruptcy.

Living debt free and credit card debt free is a choice that can be accomplished through controlling your spending habits, sticking to a well planned budget and planning for unexpected emergencies by saving a portion of every paycheck.