Whether you owe $10 or $10,000 on your credit card, if you can’t pay the balance each month, you will only see the amount owed continue to rise. Every statement that is not paid in full accrues interest. Every statement that is not paid at all adds overdue charges. If you get to a point that you have been delinquent in payment for more than 90 days, you could face much more severe penalties.
If you find yourself in overwhelming credit card debt, you are not alone. An estimated 50.2 million households in the United States carry over credit card debt from month to month. The amount of debt that they carry varies. Some sources state that the average credit card debt is down to just over $6,500. Other sources say that the average amount of debt is as much as $15,000.
Once you are unable to pay even the minimum amount due, you may feel as though you have few options but to ignore the collection calls and hope that the company will simply write it off. This is a commonly hoped for scenario, but one that is unrealistic. Individuals in the United States are slowly but surely paying down their mounting debt.
Is The Average American Credit Card Debt Up Or Down?
Most sources state that the average credit card debt has dropped anywhere from seven to 11 percent in just the last year. Currently, less than 3 percent of credit card bills are 30 days delinquent. This means that credit card companies and their collections agencies have plenty of time to focus on those who have not paid.
If you feel that you are constantly dodging telephone calls, making excuses to creditors, or simply leaving your phone off the hook, you have let your credit card debt problems go too far. There are companies that can help you find the options that are legally available to you to help you reduce your debt or lower your interest rate.
Reducing Your Credit Card Debts
Debt consolidation often helps you to reduce the amount you owe on your credit cards. A professional settlement company can lower your payments or help you to reach a lump sum that is sometimes significantly lower than the amount owed. In some cases, credit card companies will accept a much lower amount in the hopes that they will recover at least some of what is owed to them. Usually, these companies will ask that you pay the sum in one or two payments. Sometimes they will work with you to spread the payments out over six months to a year.
Because debt settlement companies do not offer loans, it will be your responsibility to find a way to pay the reduced amount. The funds can be acquired in a number of ways. Some individuals are able to take second jobs, while others can ask family or friends. Still others may cash in retirement money or draw from other savings accounts.
Though debt settlement is not simple, expert settlement companies are accustomed to dealing with these types of situations. A professional debt relief company can provide you with the tools you need to get back on your feet so that you can stop the cycle of overdue payments and collections calls. Once you consolidate your credit debts and pay the much lower fee, you can start saving again and stop living in fear of the ringing telephone.
Call immediately to find out what your options are for debt relief. You will be provided with a free debt analysis that will guide you on the path to financial freedom. Highly trained, seasoned professional can help you to negotiate unsecured, personal debts. Complete the form for this no risk, free offer right now. Don’t let your debt take over your life. It does not matter if you have below or above average credit card debt – DebtConsolidationUSA.com can match you with one of the best debt relief organizations around.