Debt Consolidation Resources
Are you in way too deep over your head? Are you looking for a way out? You are not alone and there are places to help with your debt.
Getting yourself into debt problems is very easy to do. How many times do you go out to eat or purchase groceries with a credit card?
Credit card usage is on the rise and it is the single most common form of debt. You can max out a credit card quickly if you are not careful.
LoansandDebts recommends not using a credit card for things like groceries or dining. If you cannot afford to pay cash for it, YOU CAN'T AFFORD IT.
Credit Card debt is the worst type of debt becuase of the high interest rates that you have to pay. Did you know that most times a minimum payment to a credit
card balance will hardly even touch the pricipal balance? You are mostly only paying interest. At that rate, you will never pay the card off!
Debt Consolidation has been the answer for most individuals. Many companies have been formed to simply give you a large loan to pay off all
of the high interest debt that you have. Debt Consolidation Loans generally have a much lower interest rate than the loans it is being used to pay off
so you win in the end. Of course, it is a temporary solution to your problem. You still have to pay off the amount of debt and you still have to
learn to control yourself with the credit card usage. If you need to get a Debt Consolidation loan to pay off credit cards, cancel and cut up all but one.
There are situations where you need a credit card but use it wisely. You will end up in the same boat once again if you do not.
Below are some interesting debt statistics followed by resources to help with your debt consolidation
Almost one out of every 100 households in the United States will file for
43% of U.S. families spend more than they earn.
Only 2% of homes in America are paid for
92% of U.S. family disposable income is spent on paying debts.
Making minimum payments on a credit card with a $4,800 balance, at 17%
interest would take 39 years and seven months to pay off. Paying
$10,818.63 in interest alone, and a total of $15,619 for the
privilege of charging the $4,800.
Approximately 46% of all Americans have less than $10,000 saved for
retirement. 39% of Americans are concerned about their ability
to achieve their desired retirement lifestyle.
An $8,000 debt at 18% interest will take over 25 years to repay and cost
over $24,000 in the long run.
The average American household has 13 charge cards. There are 1.3 billion
payment cards in circulation in the United States.
Americans carry, on average, $5,800 in credit card debt from month to month.
If one were to make only the minimum payment on that debt every
month, it would take 30 years to pay off - and include an
additional $15,000 in interest.
On average the typical credit card purchase is 112% higher than if using cash.
96% of all Americans will retire financially
dependent on the government, family, or charity
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