Fascinating Credit and Personal Debt Facts
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Debt. The ugly word we all experience at least during some point of our lives and for some of us will have to manage till the end. Effective management of debt can also lead to riches while poor management of debt can lead to rags. Here are some interesting facts you may have or may not have known about that ugly word we all deal with:A charge of $1,000 on an average credit card will take nearly 22 years to pay off, and will cost you more than $2,300 in interest ($3,300 total) -- if only 2 percent minimum payments are made.
Credit card debt is the number one reason people don't achieve weatlh. most americans just manage their debt and never do anything to get rid of it. you just keep paying and paying. your balance never goes down, but the interest continues. the key to being financially strong is to be debt free
U.S. Consumer debt totals over 2 trillion dollars and the average household carries more than $8,000 in credit card debt and more than half of those households only make theminimum monthly payments.
Interest paid on credit card debt is not generally tax deductible, but mortgage interest generally is.
You can achieve financial independence if you eliminate your debt. This can be done by restructuring your debt. If you utilize your savings you can get an unfair advantage over the credit card companies. This will allow you to be debt free in 5-7 years
Ever worry about your credit card debt and how you plan to pay it off? Well listen to this, 9 of 10 Americans claim credit card debt has never been a source of worry.
There are many things most Americans don't know about credit cards. For example, did you know that even if you make all of your credit card payments on time, your credit card company can raise your interest rates automatically if you are late on other payments, like car or phone payments, or if you take on additional debt?
This practice is called Universal Default, and has become standard language in most credit card contracts.