It is an unfortunate fact that about 44% of Americans carry too much debt. But on the bright side, there still are the 56% who are able to keep their debts in check. But with US population surpassing the 100 million mark, that 44% minority can still be unwitting contributors to an economic slump.
Recent surveys have also found that many citizens deny their financial problems, causing them to take action only after their financi (more…)
Credit card debt is spiraling out of control and now accounts for $1 trillion worth of US consumer debt alone, so how can this debt be tackled. Firstly, the use of credit cards must be stemmed; millions of Americans are using their cards to pay for groceries and household expenses and treat their card as their wallet rather than a source of emergency funds. The credit card companies have been prolific in their encouragement of this type of card u (more…)
Credit card consolidation is a common practice these days as it can save an extremely large amount of cash over the life term of the credit card debt. This process entails transferring all outstanding balances from various high APR credit cards to credit cards with a much lower interest rate, or possibly even a credit card that is offerin (more…)