Credit card debt is usually unsecured debt that has been incurred
through the use of credit cards and credit card cash advances. Credit
card debt has increased in the world over the last several decades and
is now measured in the trillions of dollars.
The use of credit cards by themselves are not bad, it is usually when
people start living off their credit cards or paying normal bills that
should be paid from their paychecks or wages is when credit card debt
can have a bad effect on personal finances.
We have also had a tremendous increase in the number of people that have
become addicted and players of games of chance either online or in
casinos. The ease at which these faculties allow you to access your
credit on your credit cards is painful because the odds of you winning
are slim, if at all.
Credit card debt is at record levels as we write this and many of the
credit card companies are reducing or cancelling people's credit limits
and credit cards. It is not unusual to hear stories about people going
to pay for something with their credit card only to be denied because
their credit card company has reduced their credit limit or has
cancelled the card completely.
With the economy in the dumps as we write this you are seeing that many
millions of people are now using their credit cards as a means to
supplement their incomes and help pay their bills. Most of the people
that are having credit card debt problems are good people who have just
got into a jam and with the economy slowing down, it is now hard to get
out of debt.
A lot of people bought homes in the last ten years and have seen their
equities go up and then in the last couple of years this so called
equity or wealth has evaporated in a very quick manner. When this
happens many people have turned to credit card debt to help them get by
for the short term, but, unfortunately, this economy is not turning
around anytime soon and people are getting caught with credit card debt.
We do not issue credit cards nor do we consolidate credit card debt,
but, there are some companies that still offer credit cards and also
consolidation of your credit card debt. When you look online you can
find a variety of places that offer some type of credit card debt
consolidation. Our only recommendation is to be very careful of the fees
and the new rates if you choose to do this.
I have found that people that contact their credit card companies and
explain that their is a problem with the payback of the debt may be able
to negotiate a better payment plan with their credit card company. Being
honest with the credit card company may help you reduce your payments
and extend the payment period.