Tuesday, January 6, 2009
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Buried by Debt?By: RachelSmid
Most people owe a little money to somebody whether it is for a home, car or other purchase. But a new trend has emerged recently of families being so overcome by consumer debt that they can barely make ends meet because of multiple credit card payments.
Once a family starts carrying credit card debt, it can be extremely difficult to dig out from underneath even the smallest amount of debt. This is because of the high-interest rates associated with credit cards and because of the way that credit card companies bill their customers.
Most credit card companies charge between 21 and 30 percent interest for balances carried over from month to month. These preposterous interest rates can add up very quickly. Just think: a credit card carrying a balance of only $2,000 at 29 percent would cost the cardholder nearly $50 in interest per month.
Added to these high-interest charges is the fact that many companies calculate your minimum balance due each month by adding only 1 percent of your principle balance to the month’s interest charges. That means that you could be paying on your debt for decades if you only make your minimum payments each month.
In order to dig out from all of this credit card debt, you have to pay off the balances owed. While that sounds simple, many people do not have any extra money to put toward their credit card debt.
If this sounds familiar, there is a way out. It’s called debt consolidation, and it works by combining all of your high-interest debt together into one payment with a substantially lower interest rate. This lower interest rate saves you money and means that more of your payments are going toward principle rather than interest.
With all of these things going in your favor, you may just find that your debt disappears faster than you ever thought possible. And using a debt debt consolidation service will also save you money each month with a lower payment than what you are currently paying. What will you do with the extra money?
About The Author:
Rachel Smid is a research analyst for SearchServices.ca and now hopes to share her expertise through publishing information on consumer credit. She wants to help others in their financial planning and debt managment. For more free tips, articles and debt resources, please visit http://www.mycdc.org/.
