The majority of adults in America, and indeed many other countries for that matter, are in possession of at least one credit card, with the average number people hold being estimated at 3.5. The benefits of having a credit card cannot be denied. They allow us to easily shop online and to shop in person without having to carry cash which could be lost or stolen. They can be utilized in an emergency or to purchase neccessities or high priced items when we don't have the cash at hand. When used this way, and if purchases charged to the credit card are repaid before any interest charges are incurred, the convenience of credit cards is obvious. A problem arises, however, when we use our credit cards excessively and indiscriminately then find ourselves unable to repay our debt.
Credit card debt is on the increase overall, and though the average amount owed has declined slightly over the past couple of years, the average US family today owes approximately $14,750 to credit card companies. Students make up another large sector of people living on borrowed money. Getting a college education is expensive, so it's not uncommon for students to have multiple credit cards, Recent estimates put the debt of new graduates at $4,100, with 20% of those owing to the tune of over $7,000. Not the ideal way to start working life, but it's a harsh reality and this money will need to be paid back to the lender or lenders. While these statistics are alarming, even more alarming is the fact that about 5 billion credit card solicitations are issued annually, and penalty fees for credit cards tops 20.5 billion per year.
Refer to my other blog posts for advice on credit card debt settlement, credit card debt negotiation and tips on how to eliminate credit card debt.
