Credit Card

Written by Amy Hall
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Credit card debt is an insidious epidemic in this country today. Did you know that the average American family has more than $8,000 in credit card debt? Unfortunately, this balance does not go down when the only payments being made are the minimum payments each month.

By making only the minimum payments on such high balances, you are merely paying the interest every month, with none of that money going towards the actual balance. It could take you 20 years to pay off an $8,000 balance simply by making the minimum payments each month. If you have found yourself in a similar situation, there is debt help available that can help you get things turned around.

What You Can Do Now To Reduce Debt

If you are buried under bills and you can not see a light at the end of the tunnel, then it may be time for you to see a credit counselor. Many people fall behind on bills due to various unplanned circumstances, such as the death of a spouse, divorce, illness or disability, or job loss. These can be devastating to any individual, even someone with an immaculate credit record and a good income.

By speaking to a counseling agency, you can shift the burden of negotiating with your creditors over to them. Usually they arrange a payment plan where you pay them once a month, and they then take that money and pay each of your creditors a certain amount. You will be amazed at how much quicker your overall debt goes down, and you can begin to breathe a little easier.

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