I just read some statistics about personal credit card debt today that quite frankly blew my mind. There have been 3 items which stuck out hugely to me. The first one was that the average personal credit card debt in the US is $15,788. The second one could be that the average person in the America has 3.5 credit cards. Thirdly and most shocking point was that the average rate of interest was 14.99%. Seriously!

There are actually reasons for all of this. The very first reason is that currently unemployment numbers are still high. Apparently, the less people work, the more of the chance that they’re going to be piling up the credit card debt. This is also true because there was a decrease in the number of hours for those people who are employed. So they really are only taking home less cash. While they’re taking home less cash they most likely are still spending exactly the same that they were when they were making more. Where’s the outlet? Credit card.

I really believe that the number of credit cards the typical consumer has along with the amount of credit debt that they have got on these cards could be contributed to just how simple it really is for individuals to obtain credit cards. Banks spend a lot of money on marketing the lifestyle that you could live whenever you purchase items using credit cards. They make it look exciting to invest money. So there’s been a pretty picture painted with how spending on credit cards can be.

So, once the pretty picture of personal credit card debt is painted. Chances are they’ll mail bomb anyone with their credit pulled recently. The banks have been permitted to get credit information and that can target those who probably have either recently applied for a loan or another credit card. They then mail out credit card offers to those individuals with predicatively a higher response rate because they already are in the game. (This data anyway is the same reason you receive a couple of calls and mailers once you apply for a house loan. It’s called Trigger data, since it is triggered when you get your credit pulled.)

So while someone may have all sorts of cash on one credit card. They’ll receive an even better offer on a new credit card. This is often contributed to the average number of cards being almost 4. These come in the mail and enrolling takes hardly any effort. Personally I opted in for a Citi card the other day and was shocked at how fast I was approved. A lot more shocking part was how quickly I acquired the card. That card arrived in less than five days.

Probably the biggest trouble with credit debt in America though is ours, “keep on top of the Jones’s” lifestyle. It’s been engraved into the fabric of our society that we have to have as nice of things as our neighbors. So you see this at all times. We certainly have a culture that is based throughout the collection of material possession. This mindset plays directly into the advertising of the credit card issuers. The credit card firms make it simple to spend the cash.

The conclusion to tap into this is scary. The sum of U.S. personal debt is $2.45 trillion, as of March 2010. Americans have an overabundance of debt than any country in the world. It’s no surprise that a lot of people are searching for credit card debt relief like Indiana debt relief or Virginia debt relief. People get in over their heads and realize that they may need Debt Settlement to help them get Debt Relief and let them know how to eliminate credit card debt. Therefore, control your urges to spend and steer clear of being like the average American with almost $16,000 credit card debt.

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You may already know what the “Death of 1000 cuts” is right? It is an old form of Chinese torture where they would put various tiny cuts all over a person’s body so they would bleed a slow death from all of the little cuts. Obviously this method of dying is horrible.

This really is what happens to you when you find yourself deep in credit card debt. The only difference is that you won’t actually die from it. Of course, you personally won’t die, however your money is bleeding out of your paycheck from all over. Credit card debt is pretty painless.

Think about when you get your credit card bill in the mail. You may take a quick look into it and yes it tells you a particular percentage rate of interest. You don’t think much about it. The credit card company definitely doesn’t want you to see simply how much that particular rate is. So you go along paying around the minimum balance but you don’t realize that the interest rate is slowly bleeding you out monetarily.

Let’s take an easy example. Say you have a credit card with $2,050 dollars on it. Your minimum payment is $50 so you pay $50 and it leaves you with a balance of $2,000. The problem is that your interest rate on this card is 15%. So you are growing in debt faster than you are getting out of it. 15% of $2,000 is $300. Indeed, $300 dollars of your money being taken away from you.

Here’s where the Death of 1000 cuts comes into play. Well, you don’t physically see the $300 dollar coming out of your wallet and you don’t feel it. But, you are bleeding money and don’t realize it. (Note: This is often why experts advise that if you’re trying to save money, only pay in cash, that way when the money is gone, you surely know it is gone.)

The Credit Card Debt Death of 1000 cuts hit home owners like me pretty hard the other day. I was eating lunch with a friend of mine. We hadn’t really ever talked about money before, however he knew I did debt settlement for a living. Then he asked me how our debt settlement program worked. Of course, I explained the debt relief program to him and then I asked him the real question. How much credit card debt do you really have? He told me $40,000. Now I know people with more credit card debt then this. So if you say his average interest rate is 10% of his credit then that is $4,000 a year! Whoa! They are actually higher!

Actually this isn’t the part that got to me. The part that got to me was that a week later went to lunch at our usual spot and this time my friend wanted to show me his new car. I just couldn’t believe it. Well I am not suggesting not having a car, but he clearly did not see just how much rate of interest was eating him. With all honesty, his credit card debt was bleeding him but he didn’t feel it enough to realize that making car payments was only adding to his problem.

Credit card debt settlement from Indiana debt relief and Virginia debt relief is a great option to halt the bleeding money from your pocket. Sure, your credit is going to take a small hit in the short run, but you got yourself into the credit card mess in the first place. With credit card debt settlement from Indiana debt relief you get to avoid paying high rates of interest and come to a settlement with your debt that have been bleeding for a long while. So stop the financial death of 1000 cuts today, contact us for a debt relief solutions.

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categories: credit card debt,debt consolidation,michigan debt relief

Do you feel as though you are in over your head? Debt consolidation can help. Taking on more than one credit card payment at a time can be overwhelming, thus consolidating all your debts into one monthly payment can lead to a stress free life.

Using debt consolidation, Tennesse debt relief could not only turn various payments into one monthly payment, but also lower your interest rates. Could you ever imagine a lower rate of interest on one card versus the house hold average of thirteen credit cards? Do you have any idea on how to eliminate the credit card debt? Well, debt consolidation can take all those payments and turn them into one monthly payment at lower rates of interest.

These days, lots of people often get in a terrible credit position as they are not able to keep proper record of their earnings and expenses. A lot of youthful people unexpectedly come across that they are being given chance to get credit cards by different banks. People who are smart will search for a credit card that meets their requirements, sign up and will keep record of their purchases, and pay their credit card bills completely without keeping any dues and decline all the offers he gets from other companies.

Actually a few shocking information made me think twice about how I personally spend my money and where the money I make goes. Well, in 1995, 92% of American home owners spent their disposable income on paying off debt, along with the average person carrying around $5,800 in credit card debt on regular basis. Surely, there should be something else people would rather spend their money on, other than debt.

Some people are very much attracted by the offers from all the companies and take all the credit cards what they are offered. And as they get so much credit, they get tempted to use them and purchase unnecessary things and just keep on paying minimum payment required on their cards. But suddenly they realize that they are in huge debt and they’re in a situation where in they need a debt consolidation loan to get out of that ugly situation.

Debt has the ability to consume an individual’s life. Fortunately, Tennesse debt relief could help eliminate credit card debt and it is one of the best debt consolidation solution that many American consumers consider while also trying to manage mounting debt. Thus, using debt consolidation can help.

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categories: credit card debt,debt consolidation,Michigan debt relief