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.
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Published: 1st Dec 2023 07:59:33 By: IMF
IMF Video: Perspectivas Económicas: Las Américas | Octubre de 2023
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Published: 22nd Nov 2023 05:55:13 By: IMF
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تباطؤ النمو واستمرار معدلات التضخم المرتفعة عبر العديد من اقتصادات الشرق الأوسط وشمال إفريقيا.
جهاد أزعور من صندوق النقد الدولي يوضح ما يعنيه ذلك لمنطقة الشرق الأوسط وشمال إفريقيا وأين ينبغي لصناع السياسات تركيز جهودهم.
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Published: 21st Nov 2023 05:09:02 By: IMF
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Conference page: https://www.imf.org/en/News/Seminars/Conferences/2023/11/15/11th-imf-statistical-forum
Published: 17th Nov 2023 09:30:15 By: IMF
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Published: 28th Nov 2023 12:00:47 By: World Economic Forum
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4:48 Indonesia's giant floating solar plant – Indonesia has made a significant stride in renewable energy by unveiling a massive floating solar plant, the third largest of its kind globally. Situated on the Cirata Reservoir, 107 kilometers southeast of Jakarta, the plant's 13 expansive arrays cover 4% of the reservoir's surface, capable of generating up to 192 MW of power.
6:06 2024 Smart Toy Awards – Moflin, a palm-sized AI pet, is among the winners of the Smart Toy Awards. Just like a real pet, Moflin's AI has an "emotional model" that allows it to react to the way it's treated. This interactive play experience fosters a connection between the child and the toy, creating a sense of companionship and responsibility.
7:58 Clean air projects attract global investment – In 2021, international development funding for air quality projects surpassed that of fossil fuel projects for the first time, reaching $2.3 billion, an increase of $800 million from fossil fuel projects. This significant drop from $11.9 billion in 2019, the peak for fossil fuel funding, suggests a potential shift in the global financing landscape away from fossil fuels.
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Published: 25th Nov 2023 01:00:28 By: World Economic Forum
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This session features a horizon scan of the latest trends that leaders and decision-makers should be aware of in the next few years.
Speakers
Xiaolan Fu
Founding Director, Technology and Management Centre for Development, University of Oxford
Keyu Jin
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Published: 21st Nov 2023 12:00:19 By: World Economic Forum
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This week's top stories of the week include:
0:15 Kiel is Germany's first zero-waste city –Kiel has put 107 waste-reducing measures in place. They include practical changes, such as ‘pay-to-throw’, a scheme in which households pay a fee for the amount of landfill waste they generate. Other measures include recycling collection ‘islands’ around the city, discounts for shoppers who bring their own containers and banning disposable products at all city events.
1:33 Gender balanced companies outperform others – According to a BlackRock study of 1,250 of the world’s biggest companies. Over the past decade, the companies with the most equal gender balance achieved a 7.7% average annual return on assets (RoA). Those with the highest share of men delivered a 5.6% RoA, while those with the highest share of women returned a 6.1% RoA. The study concluded it was ‘diversity that counts’ rather than the dominance of a single gender.
3:08 US wants to convert empty offices into homes – The government will offer funding and technical support to help cities turn unused workspaces into affordable apartments. US office vacancy rates have hit a 30-year peak as more staff clock in to work remotely. Meanwhile, rents in the country remain at historic highs after a surge during the pandemic converting offices to apartments can be challenging.
4:48 Rwanda and Kenya open borders to other Africans – Rwanda and Kenya have made significant strides in promoting African unity by opening their borders to other Africans, enabling visa-free travel for all citizens of the continent. This move positions Rwanda as the fourth African nation to remove such restrictions, following Benin, The Gambia, and Seychelles. Kenya is set to join them on December 31, 2023.
_____________________________________________
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Published: 18th Nov 2023 05:10:25 By: World Economic Forum
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"It's going to take a while to get anywhere close to 2%, and I don't think they're cutting any time in advance of getting very close to that 2% goal," Kroszner explains.
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Bloomberg's Caroline Hyde and Ed Ludlow break down Tesla's release of the Cybertruck after years of development delays and manufacturing snags. Plus, OpenAI sticks with its plan of a tender offer, and X CEO Linda Yaccarino backs Elon Musk after his insults to brands backing away from the platform.
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Published: 1st Dec 2023 10:02:38 By: Bloomberg Technology
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Pfizer stops developing its experimental weight-loss pill. More than half of patients in the study had to stop taking danuglipron due to nausea and vomiting, according to a statement Friday. The shares dropped 3.4% in trading before US markets opened.
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Published: 1st Dec 2023 12:40:15 By: Bloomberg Television
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Former President Donald Trump claims the price of bacon has quintupled in the Biden era. CNN senior reporter Daniel Dale breaks down why that’s not true.
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Published: 29th Nov 2023 09:59:38 By: CNN
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Published: 22nd Nov 2023 06:42:40 By: CNN
Business Video: Why the US government is still working with Elon Musk amid antisemitic comments
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Fri, 01 Dec 2023 13:00:13 GMT Credit cards can get a bad reputation, but they could pay off for you if you take advantage of an extended warranty or other perks. Learn more here.
Fri, 01 Dec 2023 06:56:00 GMT The average annual percentage rate (APR) for credit cards where the user has a balance is 22.77% as of August 2023, according to the most recent numbers from the Federal Reserve.
Fri, 01 Dec 2023 02:00:00 GMT Credit card debt in the U.S. is at an all-time high and in Pennsylvania where such debt plummeted in the pandemic’s first year, consumer account balances have since ...
Thu, 30 Nov 2023 22:00:00 GMT Credit card debt is common, and sometimes we end up in over our heads before we even realize it. The average credit card balance is $5,221, according to Experian's latest data. And while that ...
Thu, 30 Nov 2023 16:00:00 GMT Evan Zimmer has been writing about finance for years. After graduating with a journalism degree from SUNY Oswego, he wrote credit card content for Credit Card Insider (now Money Tips) before moving to ...
