VIEWS: 37 PAGES: 10 CATEGORY: Debt & Credit POSTED ON: 1/27/2013
"SOS Dettes is a non-profit, charitable credit counselling agency providing services in Quebec. For more information on their services, visit http://www.sosdettes.ca/en/. They are located at 6070 Rue Sherbrooke Est Montr�al, QC H1N 1C1 Canada 1 514-375-0138.
"SOS Dettes is a non-profit, charitable credit counselling agency providing services in Quebec. For more information on their services, visit http://www.sosdettes.ca/en/. They are located at 6070 Rue Sherbrooke Est Montr�al, QC H1N 1C1 Canada 1 514-375-0138. "
How Much Credit Card Debt Is Average? Even though credit card debt is a way of life for most North American families, it’s still something that most would rather avoid. Over the course of several decades, the interest alone adds up to thousands and thousands of dollars, and some people are never able to find their way out. The average amount of household credit card debt shows that it’s an issue that is probably here to stay. Canadian Average According to a story on CBC, the average Canadian credit card debt was around $3500 toward the end of 2012. Credit cards generally have the highest carrying costs among popular forms of consumer debt, and the $3500average was actually down slightly from the year before. Canadian still carry relatively high overall debt loads, with less global financial bad news and slightly higher job rates as possible reasons. Canadians cont… For Canadians, the average for borrowing on lines of credit is around $34,000. However, even though the average debt levels seem high, delinquency levels are low for all different forms of debt. American Average According to a report in Forbes citing a study conducted by NerdWallet, the American average for credit card debt per indebted household was around $14,500 in early 2012. Across all households, the average was about $6700. There was a drop in both categories from 2010 to 2012, but it was due in part to credit companies writing off seriously delinquent debts. Warning Signs Avoiding financial trouble in the first place is the key to keeping your credit scores intact, but that’s sometimes easier said than done. Here are some warning signs that you may be headed for trouble: • Inability to make credit payments on time • Harassing phone calls from creditors or collection agencies • High balances on one or more cards Warnings cont… •Paying only the minimum each month •Using savings for daily expenses •High stress levels caused by debt If you find that two or more of the common warning signs apply to you, it’s probably a good time to take some action so you can avoid a financial disaster. Will Debt Management Help? Many people with financial issues take advantage of debt management programs to help even it all out. When you use a debt management program, highly trained counsellors help you organize your finances and create a plan for you to follow. With an organized plan, you can regain financial stability faster and avoid bankruptcy altogether. Of course, the only way to know for sure if it will help your situation is to make an appointment and ask. Tips to Keep It Under Control Here are some tips to help you keep your credit card debt and overall financial situation under control, especially if you’re in a debt management program: • Always make your payments on time • Try to pay more than the minimum • Don’t apply for any additional forms of credit • Don’t miss any counselling appointments • Keep all your personal information up to date References SOS Dettes is a non-profit, charitable credit counselling agency providing services in Quebec. For more information on their services, visit http://www.sosdettes.ca/en/. They are located at 6070 Rue Sherbrooke Est Montréal, QC H1N 1C1 Canada +1 514-375-0138.
Pages to are hidden for
"How Much Credit Card Debt Is Average?"Please download to view full document