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.
الصراع في غزة وإسرائيل، الذي يؤدي إلى معاناة إنسانية جمَّة، يزيد التحديات القائمة في منطقة الشرق الأوسط وشمال إفريقيا. جهاد أزعور، مدير إدارة الشرق الأوسط وآسيا الوسطى بصندوق النقد الدولي، يوضح هذه المسألة
IMF.org/MENA
Published: 22nd Apr 2024 01:41:48 By: IMF
IMF Video: A GovTech Playbook: Lessons Learned from Cross-Country Experiences | New Economy Forum
In this panel discussion, experts from around the world shared their experiences and insights on how governments are embracing GovTech to revolutionize governance, promote fiscal responsibility, and enhance citizen services. The panelists highlighted the successes and lessons learned from past initiatives, emphasizing how countries are fortifying their institutional capacities and harnessing the power of technology to propel their government services and operations into the digital age.
The discussion shed light on how nations are leveraging digital advancements to ensure the equitable distribution of benefits to all citizens. The esteemed panelists delved into practical experiences and identified the critical elements necessary for the successful adoption of GovTech across diverse global contexts. https://www.imfconnect.org/content/imf/en/annual-meetings/calendar/open/2024/04/17/182904.html
Published: 22nd Apr 2024 11:56:13 By: IMF
IMF Video: AI Digital Gap: Making AI Accessible to All | New Economy Forum
AI is increasingly reshaping economies, societies, and growth trajectories. While its potential is immense, ensuring the equitable distribution of its benefits has become a pressing concern for policymakers, economists and technology firms both domestically, and globally. This discussion explores the conditions required to benefit from this AI revolution – ranging from infrastructure and human capital to fiscal measures – and the potential risks to deepen inequalities and trigger geopolitical tensions. https://www.imfconnect.org/content/imf/en/annual-meetings/calendar/open/2024/04/17/183616.html
Published: 22nd Apr 2024 11:52:39 By: IMF
IMF Video: Leveraging Fiscal Rules and Frameworks to Navigate Today's Fiscal Challenges
For the 14th edition of the IMF Fiscal Forum, current and former senior policymakers & leading scholars discuss their experience and best practices in the design and implementation of rules-based fiscal frameworks to find the right balance in navigating current challenges.
Published: 21st Apr 2024 04:53:03 By: IMF
IMF Video: Press Briefing: Regional Economic Outlook for the Western Hemisphere, April 2024
At a time when European economies face higher borrowing costs and strained public budgets, financial integration in Europe remains lower than before the global financial crisis and Europe's capital markets are less developed than those of other advanced economies.
Completing Europe's single market could help on both counts, but why does the political will to do so remain elusive?
The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.
The 54th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.
This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.
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Published: 24th Apr 2024 11:00:31 By: World Economic Forum
World Economic Forum Video: Gen AI: Boon or Bane for Creativity? | Davos 2024 | World Economic Forum
Advances in technology are driving us towards a world of AI-augmented products and services, hailing new forms of interaction and a future where creativity and technology intertwine at a deeper level.
What is the impending impact on creativity and cognition?
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The 54th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.
This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.
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Published: 23rd Apr 2024 11:00:31 By: World Economic Forum
World Economic Forum Video: Building Equitable Transitions: Green and Fair | Davos 2024 | World Economic Forum
The promise of net zero in energy, transport, agriculture, housing and infrastructure will be unmet if the societal impact on jobs, access and affordability is not considered.
How can we align ambitious sectoral transitions with equitable and socially responsible outcomes?
This session is linked to the Equitable Transition Initiative of the World Economic Forum.
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Published: 22nd Apr 2024 11:00:36 By: World Economic Forum
World Economic Forum Video: Davos 2024: The Battle for Chips
In a significant heightening of the battle for global pre-eminence in the semiconductor industry, export bans on certain types of advanced chips, including those used to develop AI, have come into effect. What impact will these restrictions have on both innovation and the competitive landscape in advanced chipmaking as the industry takes centre stage in power relations between the major global economies?
This is the full audio from a session at the World Economic Forum's Annual Meeting in Davos on 17 January, 2024. Watch it here: https://www.weforum.org/events/world-economic-forum-annual-meeting-2024/sessions/the-battle-for-chips/
Speakers:
Nicholas Thompson, Chief Executive Officer, The Atlantic
Micky Adriaansens, Minister of Economic Affairs and Climate Policy, Ministry of Economic Affairs and Climate Policy of the Netherlands
Chris Miller, Associate Professor, The Fletcher School of Law and Diplomacy, Tufts University
Ashwini Vaishnaw, Minister of Railways; Minister of Communications; and Minister of Electronics and Information Technology, Ministry of Railways of India
Arati Prabhakar, Director, White House Office of Science and Technology Policy
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Published: 22nd Apr 2024 06:49:21 By: World Economic Forum
World Economic Forum Video: History-making in the High Seas | Davos 2024 | World Economic Forum
In 2023, the High Seas Treaty was signed into force, marking the end of more than a decade of multilateral negotiations. This agreement provides for the global governance of 95% of the ocean volume, addressing pollution, overfishing, climate change and biodiversity loss.
What are the implications for business and government in this new compact and how can stakeholders collaborate to exercise collective stewardship?
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The 54th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.
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Published: 21st Apr 2024 11:00:00 By: World Economic Forum
Economic Video: FTC votes to ban 'noncompete' agreements for most employees
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Published: 24th Apr 2024 05:49:25 By: Denver7
Economic Video: April 24, 2024 | Tesla’s subpar earnings; investor talks AI in auto industry
Goldman Sachs' Eric Sheridan joins 'Money Movers' to discuss what the overriding dynamic will be from Meta's quarterly earnings results, how Meta could further benefit from TikTok's forced sale, and more.
Published: 24th Apr 2024 05:02:36 By: CNBC Television
Economic Video: Your Money | Investors sees rough decline in stocks
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Published: 22nd Apr 2024 01:14:43 By: WQAD News 8
Economic Video: A Billionaire’s Blueprint For Building Bullet Trains
Wes Edens has broken ground on Brightline West, his $12 billion Las Vegas-to-SoCal railway, aided by billions from the Biden Administration. But building more high-speed lines like this one won’t be easy.
Under a blazing morning Las Vegas sun, billionaire Wes Edens and Transportation Secretary Pete Buttigieg threw a party this week to mark the start of construction of Brightline West, the first private high-speed railway in the U.S., driving yellow spikes into a section of track.
Now comes the hard part. The $12 billion project is three years behind his original schedule — delayed by the pandemic and final environmental approvals — but if construction goes as fast as the billionaire cofounder of Fortress Investment Group promises, it'll open in time to speed travelers across the desert at 200 miles per hour from Sin City to Southern California in time for the 2028 Los Angeles Olympics.
“The timeline is both realistic and achievable,” Edens told Forbes. “The impact of this is going to be long-lasting and prodigious. And I want it to be successful because I want the next one and the next one and the next one to happen.”
Read the full story on Forbes: https://www.forbes.com/sites/alanohnsman/2024/04/23/in-las-vegas-a-billionaires-blueprint-for-building-bullet-trains/?sh=1884f4bb64ac
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Published: 24th Apr 2024 02:26:14 By: Forbes
Business Video: Forbes editor predicts Trump stock prices could fall another 90%
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Published: 16th Apr 2024 12:30:13 By: CNN
Business Video: Boeing 737-800 engine cover falls off during Southwest flight
A Houston-bound Boeing 737-800 plane operated by Southwest Airlines returned safely to Denver International Airport on Sunday after an engine cover fell off and struck the wing flap, according to the Federal Aviation Administration.
The agency said it will investigate.
In recorded air traffic control audio, one of the pilots said that “several passengers and flight attendants heard something loud hit the wing.”
In a statement to CNN, Southwest said passengers would take another plane to Houston and would be approximately three hours behind schedule.
“We apologize for the inconvenience of their delay but place our highest priority on ultimate Safety for our Customers and Employees,” the statement said. Southwest said no injuries were reported.
Boeing declined to comment and referred CNN to Southwest for information about plane and fleet operations.
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Published: 8th Apr 2024 12:10:48 By: CNN
Business Video: Ne-Yo on AI impact on music: 'How is it creative to mimic me?'
Late night host Jimmy Fallon poked fun at former President Donald Trump after shares of stocks in his social media platform, Truth Social, plunged over an SEC filing that revealed the company lost millions in revenue in 2023. #cnn #news
Published: 2nd Apr 2024 09:56:55 By: CNN
Business Video: Tesla sales plunge far more than expected
Tesla posted its first annual drop in sales since the first year of the pandemic, as increased electric vehicle competition from Chinese and Western automakers ate into demand.
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Wed, 24 Apr 2024 07:46:00 GMT Dear Quentin, My husband and I have $45,000 in debt on credit cards with 0% interest rates that will start charging interest in July. We bought a house for $1.3 million that is now worth $1.5 million.
Thu, 18 Apr 2024 09:46:00 GMT CFPB Credit Card Late Fee Rule Repeal Approved by House Panel Lawmakers advanced legislation to block the Consumer Financial Protection Bureau’s rule capping credit card late fees at $8, setting up a vote in the US House of Representatives.
