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Getting Out Of Debt
Consumer debt is a serious issue in many countries, especially in North America. Did you know that consumer debt levels are rising faster than income levels? Personal bankruptcies have been at record highs since 2003 and the average North American household owes more than its annual take-home pay.
This news can be very overwhelming to hear. So what is the solution? Are we doomed to a life of creditor calls, high interest credit cards, and huge bank loans?
In short the answer is no.
There are many ways to overcome your debt problems. Debt settlement programs, worksheets, and making small changes to your personal spending can all contribute to a brighter debt-free future. Read more...
Consumer debt is a serious issue in many countries, especially in North America. Did you know that consumer debt levels are rising faster than income levels? Personal bankruptcies have been at record highs since 2003 and the average North American household owes more than its annual take-home pay.
This news can be very overwhelming to hear. So what is the solution? Are we doomed to a life of creditor calls, high interest credit cards, and huge bank loans?
In short the answer is no.
There are many ways to overcome your debt problems. Debt settlement programs, worksheets, and making small changes to your personal spending can all contribute to a brighter debt-free future. Read more...
© 2012 stopmydebt.com
Quick Fact
Percentage Of North
Amercians who are unaware
of the interest rate charged
by their credit card
companies: 41%
10 Steps To Being Debt Free
10. Make sure you have an income to work with.
09. Set up a weekly budget plan.
08. Cut out the store-bought Latte.
07. Consolidate high interest credit cards into one lower interest card.
06. Cut up your high interest credit cards.
05. Always repay your debts with more than just the minimum monthly payment required.
04. Obtain your credit report and know what is on it. Update it regularly when you have achieved a new milestone. Here are a couple of credit report agencies:
http://www.transunion.com/
http://www.equifax.com
03. DO NOT use the equity in your home for paying off credit cards or luxury items like boats, RVs, etc. These items lose value and you will be trading money for a loss.
02. Know your debts and start to build a plan to gradually pay them off.
01. Take action now if you think you are headed for a credit crisis. There are many agencies that can help you rise above your debt.
You can do this! All it takes is time and perserverance. In the end it will all be worth it.
09. Set up a weekly budget plan.
08. Cut out the store-bought Latte.
07. Consolidate high interest credit cards into one lower interest card.
06. Cut up your high interest credit cards.
05. Always repay your debts with more than just the minimum monthly payment required.
04. Obtain your credit report and know what is on it. Update it regularly when you have achieved a new milestone. Here are a couple of credit report agencies:
http://www.transunion.com/
http://www.equifax.com
03. DO NOT use the equity in your home for paying off credit cards or luxury items like boats, RVs, etc. These items lose value and you will be trading money for a loss.
02. Know your debts and start to build a plan to gradually pay them off.
01. Take action now if you think you are headed for a credit crisis. There are many agencies that can help you rise above your debt.
You can do this! All it takes is time and perserverance. In the end it will all be worth it.
Eradicate Credit Card Debt!
North Americans love their credit cards. On average, Americans carry a balance in excess of $1900 on their credit cards.
So why do so many people use them? Well, that answer is easy: no need to carry around large sums of cash, loyalty programs, bundled insurance plans, and the ability to only pay off the minimum amount every month... making it exceedingly easy to carry a large, bloated balance from month to month. A very dangerous situation indeed.
So what is the real problem with credit cards then? Statistics show that on average 60% of people pay off their balances each and every month. And the average delinquency rate (where the minimum payment has not been made in at least 90 days) is less than 0.8%.
But there are very real issues and problems with credit cards. Read more...
North Americans love their credit cards. On average, Americans carry a balance in excess of $1900 on their credit cards.
So why do so many people use them? Well, that answer is easy: no need to carry around large sums of cash, loyalty programs, bundled insurance plans, and the ability to only pay off the minimum amount every month... making it exceedingly easy to carry a large, bloated balance from month to month. A very dangerous situation indeed.
So what is the real problem with credit cards then? Statistics show that on average 60% of people pay off their balances each and every month. And the average delinquency rate (where the minimum payment has not been made in at least 90 days) is less than 0.8%.
But there are very real issues and problems with credit cards. Read more...