Credit card debt
is one of the worst problems a person can have. Nowadays,
thousands of Americans are struggling with it and many believe
that it is irreparable. Debt just seems to put a damper on everything you do in your day to day
life, food doesn't taste the same, going out for dinner is a
struggle and even buying your kids a few gifts seems like a bit
too much. So, why not avoid getting into debt all together?
Holly Johnson from The Simple Dollar tells us that “Americans
continue to dig a deeper hole when it comes tocredit card
debt
. According to the Federal Reserve and other government
statistics, our penchant for indebtedness means that the average
household now owes $7,281 in credit card debt alone. But here’s
the thing – that average includes even those who carry no debt at
all. So when you take out the households and families that don’t
carry a balance on any of their credit cards, the Average
outstanding balance surges to $15,609.”
This is a very troubling statistic due to the fact that Americans
are burying themselves deeper in debt instead of learning from
their
mistakes.
To avoid these credit card debt mistakes, here is short list of
tips to avoid credit card debt:
1. Try not to
miss any payments
Missing payments
on your credit debt is a dangerous thing to do. Often times, the
first thing people ask when it comes to credit card debt and
missing payments iscan you go to jail for credit card
debt
? Erica Sandberg from Credit Cards dot com gives us a very
straightforward answer,
“If
you're worried about spending time behind bars for not paying your
credit card debt, know that there is no debtor's prison in the
United
States.
However, there are other legal repercussions of which you should
be aware. A creditor can sue you in a court of law, and if they
are granted a judgment, they may be able togarnish your wagesor take
nonexempt property and assets. Living debt free is within every
card holder's capability. The key is to always be aware of charging
and balances, and address credit problems
immediately.”
Even though you can't go to jail should you have debt problems it
is probable that you have big issues to worry about. Your
creditors have the power to sue you in order to seize assets or
garnish wages, so, in essence, these creditors have the power to
take your home and leave you out on the street.
2. Only
charge what you can afford to make payments on
Before you swipe
your card and spend more than you should, think about what you're
doing. Spending more than what you can afford to pay will set
yourself up for problems. Since knowing how much you can afford to
charge on your credit card is something completely subjective it
is important to do some research. Not everyone will have the same
budget, it all depends on how much you spend, your income, your
credit limit and any other credit card balances you may
have.
3. Limit your
number of credit cards
Knowing how many
credit cards you should have in order toavoid credit
debt
is something many people take too lightly. Most households in the
US have multiple credit cards that are used almost everyday.
Taking into account what was said in tip #1, having multiple
credit cards can be difficult to manage and complete payments on
time in hard
times.
Robinspost.com recently talked abouta troubling trend surging among debt
collectors
“The
Federal Trade Commission and a number of other law enforcement
agencies have taken action against 30 debt collectors accused of
deceptive and abusive tactics, including harassing phone calls and
false threats of litigation, arrest, and wage garnishment. Some of
the collectors are accused of knowingly attempting to collect
so-called phantom debts – phony debts that consumers do not
actually owe. Others failed to give consumers legally required
disclosures and notices, or to follow state and local licensing
requirements.”
The more credit cards you have under your name, the higher the
risk of something like this happening to you. It is simple, if you
only have 1-2 credit cards then it should be easier for you to
stay up to date with your credit card debt balances and
payments.
Make a
Budget
Making a budget is one of the most under appreciated aspects of
avoiding debt. When you have a budget, it gives you a clear
picture of what you should spend money on and what seems like
overkill. Making a budget is fairly easy, it takes a short amount
of time and the use of a
calculator.
Start off with your base income, and start subtracting the money
you're spending each month. If you end up with a negative number,
then you know you have to change something in order to save money.
The most important thing about finances is knowing that you cannot
spend more money than what you make. A budget will give you
straightforward answer to the question “where is my money
going?”.
At the end of the day, it's always better to avoid a problem if
you can. The worst thing you can possibly do is ignore the
situation and hope it goes away. This is a serious issue because
you are doing nothing to improve your credit card debt situation.
Notavoiding
credit card
debt
and simply making the minimum payments will not get you very far.
The majority of the cash you pay goes towards the interest rates.
This means that your only providing your creditors with profit
instead of helping yourself out of the debt trap. So before you
decide to swipe that credit card be certain to refer to our these
helpful
tips.
Debt Relief
Options
When people find themselves in deep with their credit card debt
the usually do one of these things listed:
File Bankruptcy (Chapter 7 or Chapter 13)
Debt management program
Debt settlement / Debt negotiation
Take out a Personal Loan
Do Nothing
All but the last are viable options for debt relief. The important
thing to remember is that there is no “one size fits all” debt
relief option. Since every situation the right solution may vary,
thus it is imperative to act swiftly.
Sun, 15 Jun 2025 07:09:00 GMT Total cost: $6,689.55 (original debt + fee) If you used a card with a 21.00% APR on transfers you’d have paid approximately $1,404 in interest over the same period — and that cost could rise ...
Sat, 14 Jun 2025 15:50:00 GMT Our adult children owe us a total of $90,000 and are attempting monthly payments of various amounts.” (Photo subjects are models.) - /iStockphoto Without going into details of my spouse’s financial ...
Fri, 13 Jun 2025 16:46:00 GMT So my recommendation to you is to pay that $1,000 debt after you receive your inheritance. Rather than negotiating with the credit-card company — something people do when they don’t have money to ...
Fri, 13 Jun 2025 13:55:00 GMT Some people will tell you that using credit cards is a good way to get into debt. And because credit cards tend to have a bad reputation, some consumers opt to avoid them at all costs. In this Reddit ...
The sharply deteriorating global order is adding further complications to Europe’s already challenging economic situation. New tariffs come at a time when economies are grappling with structural transformations in demographics and energy, and amidst increasing security spending needs. Export markets are shrinking, uncertainty is undermining firms’ willingness to innovate, and public expenditure needs are rising. Without a turnaround in growth, Europe’s ability to deliver on its social welfare promises is in jeopardy. If European policymakers were to seize the moment, the region’s growth potential and resilience to shocks could rise substantially.
Published: 28th May 2025 08:21:26 By: IMF
IMF Video: Global and Regional Economic Developments and Outlook
This high-level event that will bring together policymakers, business leaders, diplomats, and academics to explore how global and regional developments impact countries in the Middle East and North Africa. Amid heightened global uncertainty, the discussions will focus on the policy actions required to foster sustained growth, stability, and shared prosperity across the region.
Published: 25th May 2025 08:08:16 By: IMF
IMF Video: Sub-Saharan Africa Regional Economic Outlook–April 2025: Three Key Messages
Despite stronger-than-expected performance last year, Sub-Saharan Africa now faces global uncertainty and reduced external funding, slowing growth to 3.8% in 2025. With limited fiscal space and elevated debt levels, countries must prioritize domestic revenue mobilization, spending efficiency, and ambitious reforms to build resilience against future economic shocks. IMF African Department Director Abebe Aemro Selassie shares three key messages from the latest economic outlook for sub-Saharan Africa. https://www.imf.org/en/Publications/REO/SSA/Issues/2025/04/25/regional-economic-outlook-for-sub-saharan-africa-april-2025?cid=sm-com-ig-SM2025-REOAFREA2025001
Published: 22nd May 2025 11:50:59 By: IMF
IMF Video: آفاق الاقتصاد الإقليمي لمنطقة الشرق الأوسط وشمال إفريقيا: ثلاث رسائل أساسية
جهاد أزعور من صندوق النقد الدولي يعرض ثلاث رسائل أساسية حول أحدث الآفاق الاقتصادية لمنطقة الشرق الأوسط وشمال إفريقيا. تعرف على دور عدم اليقين العالمي المتزايد، والصراعات الإقليمية، والحاجة إلى تعزيز القدرة على الصمود في تشكيل الآفاق الاقتصادية للمنطقة. اقرأ التقرير الكامل: ]رابط[
https://www.imf.org/en/Publications/REO/MECA/Issues/2025/04/24/regional-economic-outlook-middle-east-central-asia-april-2025
Published: 7th May 2025 08:06:51 By: IMF
IMF Video: Perspectives économiques régionales pour le Moyen-Orient et l’Afrique du Nord: 3 messages principaux
Jihad Azour, du FMI, communique trois messages principaux issus de la dernière édition des Perspectives économiques régionales pour le Moyen-Orient et l’Afrique du Nord. Découvrez comment l’incertitude mondiale croissante, les conflits régionaux et la nécessité de renforcer la résilience façonnent les perspectives économiques de la région. Lire le rapport dans son intégralité : https://www.imf.org/fr/Publications/REO/MECA/Issues/2025/04/24/regional-economic-outlook-middle-east-central-asia-april-2025
Published: 7th May 2025 03:14:23 By: IMF
World Economic Forum Video: Gender Parity & Tokenization Explained | WEF | Top Stories Week
This week's top stories of the week include:
0:15 Gender parity: who leads the way? – Only 10 countries have closed their gender gaps by 80% or more – and Iceland, which has retained top spot for the 16th year in a row, is the only one to have surpassed the 90% mark. The Global Gender Gap Report 2025 tracks progress on #genderparity across 4 dimensions in 148 countries. Women's inclusion at work is about more than a moral principle: it has been proven to drive economic growth.
2:41 Tokenization, explained – The traditional world of investing is getting an update, with the arrival of something called ‘tokenization’. Tokenization means creating digital representations of assets via the blockchain so they can be traded, tracked and managed more easily. The tokens are effectively ‘digital deeds’, says Larry Fink, the CEO of BlackRock. But what are the advantages of tokens?
4:26 How robots stopped an eco disaster – A software platform powered by AI uses the data to build a precise digital model, which can give astonishingly detailed insights into the health and integrity of vital infrastructure such as bridges and power plants, and can ultimately save lives, cut the costs and risks associated with maintenance, and reduce CO2 emissions. Jake Loosararian, Co-founder and CEO, Gecko Robotics, explains how it all works.
8:30 How one town saved its reef – From near collapse to a conservation miracle: Cabo Pulmo’s ancient reef was dying 30 years ago. Today, it’s a thriving underwater paradise fuelling wildlife and local ecotourism. How did it happen? Collaboration - between government, scientists and the local community.
____________________________________________
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Published: 14th Jun 2025 12:01:09 By: World Economic Forum
World Economic Forum Video: Radio Davos | Ocean: David Attenborough's new film will transform how you see Earth
“Once you’ve truly seen the sea, you’ll never look at Earth the same way again.”
David Attenborough has spent nearly a century on Earth, bringing the mysteries of nature to viewers around the world. In his latest film, Ocean, he shows how humans still have so much to learn about life below the waves and its vital contribution to life on land.
One of the film’s directors, the naturalist Colin Butfield, tells Radio Davos about some of the revelations in the movie and the accompanying book that he co-wrote with Attenborough.
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Published: 12th Jun 2025 02:32:38 By: World Economic Forum
World Economic Forum Video: Global Gender Gap Report 2025
How long will it take to achieve global gender parity? At the current pace: 123 years.
In this episode of The Briefing Room, leaders from the World Economic Forum, LinkedIn and the World Bank come together to explore the findings from the Global Gender Gap Report 2025 — the definitive benchmark tracking gender equality across 148 economies.
The conversation examines this year’s parity score and why, despite some progress, the world remains generations away from full gender equality. It explores the persistent gaps in women’s political and economic participation, the role of smart policy over national wealth in driving change, and the growing economic imperative to accelerate progress. The panel also reflects on what countries can learn from one another and how gender parity is becoming central to long-term growth and resilience.
Host: Stephanie Holmes, Head of Public Engagement at World Economic Forum Guests: Saadia Zahidi, Managing Director at the World Economic Forum
Sue Duke, Head of Global Public Policy at LinkedIn
Norman Loayza, Director of the Global Indicators Group at the World Bank
Access the full Global Gender Gap 2025 report and explore the data here:
https://www.weforum.org/stories/2025/06/global-gender-gap-report-2025-key-findings
This is the full audio from The Briefing Room, a video recorded a the World Economic Forum. Watch it here: https://www.weforum.org/videos/the-briefing-room-global-gender-gap-report-2025/
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Published: 12th Jun 2025 02:01:59 By: World Economic Forum
World Economic Forum Video: The Briefing Room | Global Gender Gap Report 2025
How long will it take to achieve global gender parity? At the current pace: 123 years.
In this episode of The Briefing Room, leaders from the World Economic Forum, LinkedIn and the World Bank come together to explore the findings from the Global Gender Gap Report 2025 — the definitive benchmark tracking gender equality across 148 economies.
Hosted by Stephanie Holmes, Head of Public Engagement at the Forum, the discussion features Saadia Zahidi, Managing Director at the World Economic Forum; Sue Duke, Head of Global Public Policy at LinkedIn; and Norman Loayza, Director of the Global Indicators Group at the World Bank.
The conversation examines this year’s parity score and why, despite some progress, the world remains generations away from full gender equality. It explores the persistent gaps in women’s political and economic participation, the role of smart policy over national wealth in driving change, and the growing economic imperative to accelerate progress. The panel also reflects on what countries can learn from one another and how gender parity is becoming central to long-term growth and resilience.
Access the full Global Gender Gap 2025 report and explore the data here:
https://www.weforum.org/stories/2025/06/global-gender-gap-report-2025-key-findings
Subscribe for more insights from global leaders on the issues shaping our world.
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Published: 11th Jun 2025 10:01:15 By: World Economic Forum
World Economic Forum Video: Opportunities of the Ocean Economy
The ocean economy contributes over $2.5 trillion to global GDP annually and supports nearly 350 million jobs worldwide.
How can key ocean-reliant sectors like shipping, ports, food, energy and tourism drive a regenerative ocean economy that balances economic growth, social prosperity and marine conservation?
Find out more about the work of the Ocean Action Agenda, accelerating ambitious solutions for a sustainable ocean economy.
This is the full audio from a session at the Annual Meeting 2025 in Davos. Watch it here: https://www.weforum.org/meetings/world-economic-forum-annual-meeting-2025/sessions/the-opportunities-of-the-ocean-economy/
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Published: 9th Jun 2025 05:25:47 By: World Economic Forum
Reuters Video: Labubu maker Pop Mart opens concept store with jewelry | REUTERS
'Blind box' toymaker Pop Mart, which has seen frenzied sales worldwide for products related to its ugly-cute Labubu character, opened its first jewelry store in Shanghai.
#News #Reuters #Newsfeed #blindbox #popmart #labubu
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Published: 14th Jun 2025 01:00:40 By: Reuters
Reuters Video: Wall St ends sharply lower as Iran retaliates against Israel attack | REUTERS
Wall Street ended sharply lower after Iran launched missiles at Israel in response to intensive Israeli strikes aimed at crippling Tehran's ability to build nuclear weapons
#wallstreet #middleeast #iran #israel #lockheedmartin #northropgrumman #adobe #oracle #ai #iranisraelwar #News #Reuters #Newsfeed
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Published: 14th Jun 2025 12:46:17 By: Reuters
Reuters Video: Business Lookahead: Eyes on the Middle East | REUTERS
From geopolitical risks to the G7 leaders meeting in Canada, these are the stories to watch in business and finance in the coming week.
#News #business #markets #finance #Reuters #Newsfeed
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Adobe's shares fell on investor concerns that the company's adoption of AI into its software tools could take longer to fetch returns.
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Published: 13th Jun 2025 06:02:12 By: Reuters
Reuters Video: Macro Matters: Oil 'could go to $120' if Middle East tensions escalate | REUTERS
Crude oil jumped to $75 as Israel struck Iran's nuclear facilities. Homayoun Falakshahi of Kpler told Reuters what would happen if Iran responded by blocking shipping in the Strait of Hormuz.
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Published: 13th Jun 2025 04:21:43 By: Reuters
Business Video: Trump says trade deal with China is ‘done’
The United States and China have agreed on a framework to implement their trade truce, officials on both sides said Wednesday, after concluding two days of talks in London to defuse tensions and ease export restrictions that threaten to disrupt global manufacturing. President Donald Trump said in a Truth Social post that a “deal” with China has been completed. #CNN #News
Published: 11th Jun 2025 02:46:28 By: CNN
Business Video: Elon Musk expresses ‘regret’ over recent posts about Donald Trump
Elon Musk said Wednesday that he regrets some of his recent social media posts about President Donald Trump. Professor of government at the University of Essex Natasha Lindstaedt joins CNN's Polo Sandoval on "Early Start" to weigh in. #CNN #News
Published: 11th Jun 2025 09:51:25 By: CNN
Business Video: 'We have a responsibility to facts': CNN's Abby Phillip on journalism
CNN's Anderson Cooper discusses "Good Night, and Good Luck" and its contemporary resonances, with a distinguished panel: journalist and author Walter Isaacson, former anchor Connie Chung, CNN contributor and podcaster Kara Swisher, former Univision anchor Jorge Ramos, CNN anchor Abby Phillip, and New York Times opinion columnist Bret Stephens. #CNN #News
CNN's John Berman examines the life and career of the real Edward R. Murrow, a legendary figure in the history of broadcast journalism. CNN chief media analyst Brian Stelter also discusses today's media landscape. #CNN #News
Published: 7th Jun 2025 11:49:46 By: CNN
Business Video: ‘Break from historical trend’: Economist reacts to recent grad unemployment rate
Economists say this is the worst job market for new college graduates since the height of the Covid-19 pandemic. Matthew Martin, senior US economist at Oxford Economics, joins CNN’s Rahel Solomon to discuss unemployment numbers, the downside of AI, and more. #CNN #News
