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.
Is the global economy in a sticky spot?
Join Chief Economist Pierre-Olivier Gourinchas, Petya Koeva Brooks, and Jean-Marc Natal for our latest projections and analysis of the global economy on Tuesday, July 16 at 9:00 AM ET. Don't miss it! Join Chief Economist Pierre-Olivier Gourinchas, Petya Koeva Brooks, and Jean-Marc Natal for our latest projections and analysis of the global economy on Tuesday, July 16 at 9:00 AM ET. Don't miss it! https://www.imf.org/en/Publications/WEO/Issues/2024/07/16/world-economic-outlook-update-july-2024?cid=sm-com-ig-WEOET2024004
Published: 17th Jul 2024 01:49:57 By: IMF
IMF Video: World Economic Outlook Update | July 2024
The global economy continues to show resilience, defying fears of stagflation or recession. Our growth projections remain unchanged from April at 3.2% in 2024 and 3.3% in 2025. The World Economic Outlook Update discusses the challenges and recommendations for policymakers.
Read the report: https://www.imf.org/en/Publications/WEO/Issues/2024/07/16/world-economic-outlook-update-july-2024?cid=sm-com-ig-WEOET2024004
Published: 16th Jul 2024 01:00:23 By: IMF
IMF Video: 80 Years of the IMF: A Helping Hand in Good Times and Bad
The International Monetary Fund has been at the forefront of global economic cooperation for 80 years. From our founding at Bretton Woods to today's complex challenges, we have adapted our tools and expertise to support our 190 member countries. Our mission remains the same: bringing prosperity to the world through financial cooperation, sustainable growth, and inclusive economic policies. In a fast-changing world, the IMF is there to help economies grow so that everyone can prosper.
Published: 2nd Jul 2024 07:31:39 By: IMF
IMF Video: Press Conference: Update on the U.S. Economy, June 2024
Incubated at the World Economic Forum, the Global Impact Coalition (GIC) is an organisation that pools the resources of major chemicals companies to develop ways of making their industry more sustainable.
We hear from Charlie Tan, CEO of the GIC, and from two technical experts at the GIC's Research and Development Hub at Netherlands-based research centre TNO.
Speakers:
Jan Harm Urbanus, Lead Scientist Circular Plastics, TNO
Hella Koops, Senior Project Manager and Cluster Lead Circular Plastics, TNO
Charlie Tan, CEO, Global Impact Coalition
Links:
Centre for Energy and Materials - World Economic Forum: https://centres.weforum.org/centre-for-energy-and-materials/
GIC: https://globalimpactcoalition.com/
TNO: https://www.tno.nl/en/
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Published: 25th Jul 2024 11:35:05 By: World Economic Forum
World Economic Forum Video: AMNC - Where Is Globalization Headed?
While some supply chains have held up better than feared since the pandemic, in the years following 2008 global trade growth has stagnated as governments and companies have progressively been seeking to diversify. Hear this session to learn about recent trends in globalization and what the current landscape means for the future.
This is the full audio from a session at the Annual Meeting of the New Champions (AMNC24) on June 26, 2024. Watch it here: https://www.weforum.org/events/annual-meeting-of-the-new-champions-2024/sessions/where-is-globalization-headed/
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World Economic Forum Video: Tech Classes Empower Seniors & Japan's Underground Freight Project | WEF | Top Stories of the Week
5:41This week's top stories of the week include:
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5:41 How mining shapes our world – The need for clean energy technologies is increasing demand for critical minerals but concerns over harmful extraction processes abound. Jason Bordoff is an expert in global energy policy. He says the energy transition is one of the greatest economic opportunities since the Industrial Revolution.
_____________________________________________
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Published: 20th Jul 2024 12:00:06 By: World Economic Forum
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Links:
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