|Debt Help, Credit Cards|
It’s easy to see from these statistics Americans are knee deep in credit card debt. And if you miss a couple of payments you could see your interest rate double or even triple. It’s not uncommon to see delinquency interest rates close to 30%. Add late fees, over limit fees and interest and it may seem like you’ll never pay off your debt. In fact if you make minimum payments of $400 on $10,000 with an interest rate of 18% it will take you 13.5 years to pay it off (creditcards.com). If you have a 5 year old child, your child will be 18 years old by the time you pay off your credit card.
Most of our clients have experienced a financial hardship and can no longer afford to make the minimum payments on their credit cards. Loss of job, reduction in income, death, divorce or serious illness can be devastating. Fortunately there are several options for struggling consumers including Better Money Management, Debt Settlement, Debt Management and as a last resort Bankruptcy.