US Credit Card Debt

US credit card debt is multiplying at an astronomical rate as most American consumers carry an average of 13 cards with a total balance of about $5,800. The term "charge it" has become commonplace to a generation that has grown up using plastic to pay for everything from gas to groceries. Paying cash is a thing of the past and plastic and "smart cards" now identify who we are and how we pay. US credit card debts have developed into a major problem for those who now find themselves engulfed in massive amounts of obligations. Most shoppers shop impulsively and cards make it easy to amass indebtedness quickly. Charge cards, if used wisely, can have advantages. Learn ways to avoid more mistakes before accumulating extra obligations. Scripture admonishes us not to be in debt. "Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law." (Romans 13:8)

The pitfalls associated with charge cards are usually not obvious to cardholders. The promise of free money, low interest rates and extended payoffs lure hundreds of thousands of people each year into US credit card debts. Everyday millions of people respond to 'pre-approved' offers for charge cards. The enticement of low interest rates usually convinces consumers to transfer balances trying to beat the system of US credit card debt. Often people are not aware of the risks associated with these offers. These companies are there to make a profit. Credit card companies gamble that you will not payoff the balance during the introductory period because most people rarely do. Usually at the end of these introductory periods, interest rates increase substantially. They may not disclose that the cardholder's present card company may assess some balance transfer fees as well.

Millions of individuals' major stress and sleepless nights are being caused by US credit card debts. Most consumers are only able to make minimum payments on charge cards, and have no idea how to get out of the endless cycle. US credit card debt companies continue to perpetuate the myth by enabling consumers through offering more buying power. Most consumers are not aware that each time they apply for a charge account they negatively affect their credit score. Most consumers have never looked at their report and do not know what their score is. This is the fist place an intelligent consumer must start. US credit card obligations can end if consumers will take the time to educate themselves on debt reduction and eradication methods.

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