Christian Debt Recovery

Us Credit Card Debt Statistics

July 12th, 2008 |

Author: Gavin

us credit card debt statistics

Credit Card Debt

The credit card debt statistics of 2006 from Georgetown University stated that the US had 173 million card holders in ’06 which was expected to increase to 181 million by ’10. The Americans had approximately $886 billion as credit card debt and this number too, grew to $1,177 billion in 2010. Although the current card debt figures are not yet known, the data compiled by CreditCard.com states that debts on credit cards make up almost 98% of the total debt amount.

Eliminating Credit Card Debt

Credit card debt must be eliminated as fast as possible because just like they offer more limit, they also charge a very high interest rate. They generally charge double the nominal interest rates when compared to a home equity loan or mortgage. Moreover, card debts are not tax deductible, so a card holder ends up paying interest on the amount borrowed as well as the tax on the asset purchased. This double payment is sure to break the backbone of an average householder.

The following tips help get rid of such debts:

Budget: Figure out your basic monthly expenses. Score out the additional expenditure items such as, cable or extra phone lines. Contain the electricity bills. Budget all the bills according to the monthly income brought home. The extra amount left after the primary expenditure has to be paid up.

Payment beyond the minimal amount: Ensure that the monthly payments regularly exceed the minimum amount. This is the key to be rid of the debt burden at the earliest and also a way of ensuring that one does not fall into the debt trap again.

Do not create more debt: If you do not have the cash to purchase a particular item, refrain from buying it. This is the only way of ensuring that you do not incur more debts. For times of emergency, create an emergency savings account. There cannot be any limit on expenditure during emergencies; therefore, a savings account is a must. In debt or not, it always helps to pay in cash or pay by card only after considering whether the amount to be returned next month is within your salary range.

You can consider consolidating your debts in order to make the payment process more convenient and the interest rates lower. You can also take the aid of a settlement company to perform this task. One of the best and well-known firms is Superior Debt Relief.

About the Author

In case you need to deal with credit card debt properly, contact a reputed debt settlement company now! Please visit http://www.superiordebtrelief.com/ for more information.

Credit Card Debt; Learn How You Can Manage Or Eliminate Your Credit Card Debt With This Guide On Debt Statistics, Debt Counseling, Debt Consolidation, Debt Reduction, And Credit Card Debt Prevention

Would you like to get out of credit card debt? Do you want to learn more about the statistics of credit card debt and how it affects many families today? Are you interested in learning the strategies to reduce credit card debt such as debt consolidation, debt management, and financial skills? Read this book, Credit Card Debt, to learn all of this and more. First, you will learn about the extent of…