Credit Card Debt In America

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					                                                   Presented by Daniel Toriola

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       on the basis of the perceived creditworthiness of the primary holder, which is usually dependent on the
                                                 person’s credit score.
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                                                         Credit Card Debt In America
                                                                   By Jake Truman

    Americans have frequently been told that they live in the wealthiest nation on Earth. We are
frequently told of the prosperity that this country has. Unfortunately, these statements conceal the
terrible truth about finance in America. Statistics show that Americans are having a much harder time
paying their bills. In fact, they are having such a difficult time paying their bills that the savings rate for
the country has dropped to the lowest level since the height of the Great Depression in 1933. If these
statistics don't frighten you, this means you are either one of the few who has their finances under
control, or you are unaware of the financial picture in the United States.

A number of studies have shown that the typical American owes about $10,000 in credit card debt at
an average of 14% interest. Combine this with the auto loans, mortgage loans, student loans, and
numerous other bills most Americans have today and it is easy to see why so many people are in debt.
If this situation doesn't remotely describe you, congratulations. It is in your best interest to keep it that
way. If this situation does sound familiar, there are a number of changes you will need to make in your
life immediately if you wish to be successful.

First, if you are making only the minimum payments on your credit cards each month, it may take you
as long as 30 years to pay off the balance if you owe $5,000 or more. If you owe more than $10,000,
you may never be able to get out of debt if you are simply paying the minimum payments. The banking
industry and federal government has not made things any easier. A bankruptcy law was passed in
2005 that will make it harder for people to file bankruptcy in order to get out of debt, and banks are now
saying they will double the minimum payment on their credit cards each month.

One thing you can do to protect your family is to look for credit repair or debt consolidation services if
you haven't already considered them. If you have any personal belongings that are valuable, you may
need to consider selling them to pay off your debts. While this may not be a desirable option, the
alternative is much worse. The debt situation in the United States continues to spiral out of control. The
best way to protect yourself is to pay off your debt the best you can, and use a debt consolidation
service if you are not sure where to turn.

Don't waste hundreds of dollars or more on credit repair, which an damage your credit file. Read Credit
Revived at Another good info site is:

How To Get Out Of Credit Card Debt
Start getting out of credit card debt today with 7 Easy Steps to Getting Out of Credit Card Debt.
                                                                                                                   Page 1
                                                 Presented by Daniel Toriola

                                    It Takes Planning To Get Out From Under Card Debt
                                                       By Deanna Mascle

Yes, you can get out of credit card debt. If you are determined to get out of credit card debt you surely
can get out of credit card debt. Though it’s a bit difficult to get out of credit card debt, it isn’t impossible.

All you need to get out of credit card debt is determination and planning. Both are equally important (or
maybe determination is even more important). Determination doesn’t come without proper reason. So,
you need to first ask this question to yourself – “What will I get if I am able to get out of credit card
debt?”, “What difference will it make”, “What’s in it for me” or “Is it really beneficial to get out of credit
card debt”.

Use the answers to build your determination. The fact that all the nagging via mails/phone (by the
credit card supplier and/or their collection agent), will be gone, should do good to strengthening your
determination and should provide you with a reason on why you should endeavour to get out of credit
card debt.

Think about the stress-free life after you get out of credit card debt. Try to link various reasons together
and try to see the benefits through them. All these collectively will help in bolstering your determination
and prevent it from getting weak at any point in time.

The second thing that you need to get out of credit card debt is planning. The planning to get out of
credit card debt will start with making a list of the credit cards that you currently posses and noting the
debt and the APR for each of them. The sum total of all these various credit card debts, will give you
the total credit card debt.

You also need to check if you have been defaulting on payments on some of these credit cards (and
hence incurring a late fee). You will need to avoid that and put it on the plan you have prepared to get
out of credit card debt.

The next step in getting out of credit card debt is to check your current financial position and make an
assessment of what you expect your future financial position to be. Next comes the research to check
the various balance transfer offers available in the market; to see if one of these can prove beneficial to

Use all this information to calculate how much time you will require to get out of credit card debt and
how you will distribute the debt payment across your various credit cards (ensuring that you payoff the
debt that is hitting you the most and also ensuring that you don’t incur late fee on any credit card

Learn more about self help credit repair at

Credit Card Debt Relief
Sells Multi-media info product on debt relief.
                                                                                                               Page 2
                                                   Presented by Daniel Toriola

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