It is estimated that credit card debt accounts for nearly three quarters of all consumer debt recorded in the US. This issue has left many consumers facing unaffordable monthly repayments, coupled with debilitating rates of interest incurred over a monthly basis. Fortunately, there are an ever increasing number of companies who have evolved to product practical advice and strategy on exactly how to settle credit card debt.
The credit card facts are indeed revealing. The level of credit card related debt increased by 47 percent between 1989 and 2005, and recent statistics mean that the figure has soared by over 50 percent within the space of 20 years. This increase is mostly experienced amongst 24-35 year olds, with a whole generation of young adults who were afforded credit and credit card wealth without having the necessary capital to make repayments.
Debt Help and Resolution
How to Efficiently Settle Credit Card Debt
With a lot of people working hard to pay their bills, and often having no money left over for personal rewards, let alone substantial savings, putting extra money into savings can be a tough task to fulfil. However, it’s important to remember that even the tiniest amount — even if it’s $5 a month — will all eventually add up, and be better than nothing. Here are 4 tips to get you started on a better savings path. Get Out of Any Debt First There is no point planning to put money into your savings if you have a backlog of debt, no matter how small. Although any form of savings is a positive, it’s much better to use any extra money to clear debt in order to get straight with your finances and avoid paying extra due to interest charges. As soon as debt is cleared, the monthly amount you usually pay in minimum debt payments can then be a bonus for your savings pot. If any de 4 Tips for Increasing Your Personal Savings
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