Dealing with Credit Card Debt
Credit Card debt is a major issue for America, next to the subprime mortgage issue. With nearly $1 trillion outstanding on credit cards, and no sign of improvement in sight as nearly half are paying only the minimum monthly payment.
And considering the average credit card rate, you’re only getting deeper in debt, not paying it down. Many have used home equity loans to take care of their credit card troubles in the past, an option no longer available.
So what are your options? Pay it down! By taking the minimum amount due, and doubling it, you could actually pay off your card in about 3 years. You could also contact the card company, but this one doesn’t typically amount to much. If you’re deep into debt, it might be time for credit counseling.
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