Credit card payments have recently gone through the roof, causing millions of people to look for ways to get out of debt.
While people struggle to make even their minimum monthly payments, credit card companies are making more money than ever before. In 2006, credit card companies made a whopping $90.1 billion in profits from the interest they charged their customers. Worse, these same companies made $55.2 Billion from fees like over-limit fees and late fees that they charged their customers.
If you're a consumer who has high-interest credit card debt and is having trouble meeting your monthly financial obligations, it's time to take a look at your current situation. I think you should get all of your credit card bills together and carefully look over each one. You'll need to find out how much interest and/or fees are being added to your accounts every month. After doing this, you should have a clear idea of whether or not you can realistically pay off these debts in a reasonable amount of time and get rid of some of the interest you're paying. Visit www.donaldsonwilliams.com/Credit Card Interest Rate Worksheet.html to get a free Credit Card Interest Rate Worksheet.
This simple worksheet will help you take a clear look at your finances and figure out if high interest is squeezing you to death.
If you can't pay off your credit card debt by making regular monthly payments to your creditors, it's time to get some help. The following ideas have helped a lot of people get out of debt:
- Bankruptcy (Most people resort to bankruptcy only as a last resort, but it is an option)
- Loan for Getting Out of Debt
- Credit Counseling for Consumers
- Debt Settlement
Now is the time to take action so that you can live a debt-free life and stop being worried and stressed about money. I hope that your efforts to get rid of debt and worry go well.
