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Credit Card Debt Archives

The shocking truth about credit card debt in the United States

Kentucky residents are carrying massive amounts of credit card debt. If your income is sufficient to pay your credit card bills, this debt may not be a huge problem. However, as soon as a problem comes up that interferes with your ability to pay your monthly bills, you could face serious debt problems -- and maybe the only way to get out from under those difficulties is bankruptcy.

Frightening information about credit card debt

Nobody likes having credit card debt to pay off, but most Americans have some form of credit card debt or another, and it usually has a very high interest rate attached to it. The high-interest rates and other fees associated with most credit cards are particularly frightening for consumers, but there are some other lesser-known -- but equally frightening -- facts that consumers should know about, too.

Is it a bad idea to pay college tuition with my credit card?

We all fall short of cash from time to time, but being low on money when it's time to pay our college tuition can affect our future. Many of us end up reaching for the credit card to pay our college bills when we don't have enough money, but this isn't the best idea.

Millennials are feeling wary about credit card debt

A lot of millennials are currently suffering under a mountain of college debt and this is making them wary of having credit card debt too. Less than one-third of millennials (people from the age of 18 to 35) own a credit card. This percentage is strikingly low compared to most statistics.

What is the Credit CARD Act of 2009?

The Credit Card Accountability Responsibility and Disclosure Act of 2009, also known as the Credit CARD Act of 2009, is a federal law that was passed by Congress and signed into law in May 2009. The law is a comprehensive piece of credit card reform designed to foster transparent and fair practices on the part of credit card companies.

Credit card debt payment strategy: The snowball method

The snowball method of credit card debt payment is a very effective strategy to make your credit card debt disappear fast. It involves focusing all your debt payment on one card at a time until, eventually, you pay them all off -- and a lot faster than you think.

Credit card debt: Knowing the basics

If every American could internalize a few important facts about credit cards and act on that knowledge, the majority of our nation's credit card debt problems could be eliminated. If you have a credit card, which you likely do if you are an adult, you should keep the following facts in mind in order to avoid getting into a debt problem.

Time to tackle that holiday debt

It's so easy for holiday spending to get out of hand when we are trying to please our loved ones during Christmas season. When all it takes is a simple swipe of a credit card to see our children and spouses beam with excitement, the bills can really add up. But here we are in January, and all that debt is still lingering on our credit card statements. What can we do?

What is the average amount of credit card debt to have?

Most Americans would prefer to not have any kind of credit card debt, but those that do have credit cards tend to keep some amount of debt on them. The average American actually has two credit cards and the average amount of debt on each card is about $4,400 according to Experian. This is taken from data as current as June 2015.

Be careful about increasing credit card debt during the holidays

The holidays are upon us and, with the frenzy of finding the right gift for everyone on your list, credit cards will be the payment method used by many Americans. While the convenience of credit cards and the ability to pay off the cost of gifts after the first of the year may be tempting, for many families it is only exacerbating a disturbing problem. According to recent reports, total household debt is growing faster than household income and credit card debt is the third largest type of debt, following only home mortgages and student loans.

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