Credit card debt in America is at an all time high at almost 1 trillion dollars. It's the 3rd largest personal debt after mortgages with student loans remaining at the top of the list.
Credit card debt in America is once again soaring upwards with a staggering number of almost 1 trillion dollars. It's the 3rd largest personal debt after mortgages and student loans.
Estimates show households owe roughly $20,000 on average and individuals $8,000. That's a scary thought, especially if your situation changed and you're finding it hard to make your payments.
Many cardholders are in default and even many who aren't are still struggling to cope with crushing credit card debt. If you're have credit card debt, you should call us today at (800) 940-8911 or submit this form to have one our dedicated debt relief specialists contact you as soon as possible.
The good, the bad and the ugly
Credit cards aren't an inherently poor choice; the obvious intention being to raise one's credit score may start off as manageable but unless you consistently pay your debt on time the opposite effect begins to take place. There are many things that may get in the way of you paying off your debt, such as having a child or the loss of a job. Too often we see individuals pushed into bankruptcy, most of the time we see this with the Millennial Generation, but it can be seen throughout America and throughout history.
Another problem seen is a great number of people making purchases without any planning or idea of how to pay them off in the future. This lack of structure leads to crippling debt and painful interest rates. Credit card companies use all sorts of ploys to get you to sign up, especially by offering aesthetically appealing promotional offers. The bad and the ugly often outweigh the good of any promotional offer or gift.
• The Good “ Raising credit score and establishing a lifeline for monetary gain.
• The Bad “ The burden of heavy debt and unmanageable monthly payments.
• The Ugly “ Lowered credit score, default and debt collections.
What can or should be done?
When you know you need to start making a change, you should first of course see if you can budget yourself better to accommodate credit card payments. If that doesn't work you should not do any of the following as the repercussions may be quite severe;
Nothing “ The absolute worst thing you can do for yourself and for your credit score is nothing. If you do nothing your credit score will just start tanking and your interest will keep compounding.
Closure of Credit Cards “ Apart from having a devastating effect on your credit score, closing your credit cards will make it much harder for you to get credit cards again and diminish or abolish your credit history length.
Bankruptcy “ Even as a last resort bankruptcy is a terrible idea. You will find it very hard to get a credit line anywhere under a chapter 7 bankruptcy and your premiums for insurances of many types will automatically skyrocket.
So, what should you do?
Credit card debt invalidation. Invalidation isn't the same as debt settlement, modification, or negotiations. Invalidation, or debt relief, is the process of forcing collectors to without question prove that the debt is 100% legal, collectible, valid and verified. The grounds for starting this process are quite simple; have unpaid credit card debts. There is no downside to this and at the end of the process debts will be completely removed from your credit score. It is almost guaranteed that you will at least lower your monthly payments and total amount by a great percentage, making it faster and easier to get your credit and life back on track.
It's never too late to do something about your debt. Call someone you can trust at (800) 940-8911 or fill out the form below to speak with a qualified Debt Relief specialist and start figuring out just how much money you can save.
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Call us at (800) 940-8911 or fill out the form on this page to speak to one of our representatives. It's 100% free to see if you qualify for credit card debt relief, and only takes a few minutes.