There are basic rules and ways to avoid credit card debt and ways to get out of
credit card debt that people should follow in order to keep out of the ‘debt mud’. People
can find it very tempting and easy to get trapped into debt because of the cloaking and
false hopes made by banks and credit card companies.
When fishing around for a credit provider there’s a high chance you will snare a shark
along the way without any knowledge of what you should be looking out for. After all
knowledge is power and Freedom!
CAN YOU SEE
ME??......
If you don’t want to become just another credit
card statistic, then its vital you look at the finer
details of any credit/debt contract before you sign
the dreaded dotted line. The basic rule is…..if you
don’t understand the contract…..don’t sign the
dotted line! Ask the person you’re dealing with
loads of questions until you clearly understand
exactly what you are getting yourself into, such as ‘what are the interest rates’ and how
much will the repayments add up to in the long term are important things to ask. This is
a good way to avoid debt which can easily escalate out of control. Its also important to
know what the fees and hidden charges can be added onto your debt. Find out whether
the rates are locked or not....meaning, does the interest stay the same throughout your
contract, or can it change for the worse?
Don’t be afraid to spend time reading, or asking hard questions. If you don’t, you could
be spending months or years trying to get out of credit card debt that could be avoided if
you spend time trying to understand the details, rather than spending cash on
repayments.
THE SINFUL IMPULSE OF MAN...
‘What you own today.... may end up owning you one day..’
Human impulsiveness has been the catalyst for many dreaded and regretful
decisions, whether its addiction, relationship problems, or crimes. The mind can
sometimes have a natural tendency to act on impulse and make spontaneous decisions
which later become mistakes. Sometimes all it takes to resist this is to take a little time
to think things through calmly.
This ‘thinking’ should be exercised in order to avoid credit card debt, or when tempted
to purchase more items on your credit card, which accumulates onto debt you are
already ‘owned’ by. If you practice patience you will be thankful that you didn’t get
into, or get heavier into debt by purchasing the item or expense that you rarely use and
later regret. Maybe its the shirt you wear on your back only a couple of times, then end
up paying it off for months…with the shirt off your back!
Another way to avoid credit card debt is by saving up and paying for something in
cash..always go directly down that path. Anything purchased on credit will end up
costing you more than the original price and can end up taking you a long time to pay
off.
‘If shops displayed the real price of an item after credit card interest and
fees added...people would rarely purchase anything on credit.’
Credit cards are not all bad and can be useful to people who use them frequently and
sensibly for useful daily transactions. However, its their misuse, or consumers lack of
knowledge that can ruin their financial freedom.
Do whatever you can do to pay off a credit card asap before you start paying interest on
it. If you don’t, then this is how the credit providers earn billions. For example, if
someone has a $1,000 debt and repays it in full within the time period the provider
allows you, no interest will be charged. However, even if $1 of the total amount remains
unpaid by then interest will be charged on the full $1000 from the date of the purchases.
This will keep until the payment is received. That is another example of another credit
card statistic that comes with paying a heavy emotional price when left to grow out of
control. (That part of the contract is free!)
Important: If you own several cards and want to get out of credit card debt sooner
rather than later, then make a point of paying off the one with the highest interest rate
first and fast. Don’t bury your head in the sand and think that there wont be problems
further down the road if you leave your repayments unchecked. That dark road will lead
to a bad credit record, unreasonable fees and an further accumulating debts. At least try
to work a deal out with your credit provider, such as a payment plan that you can
afford.
MORE PLASTIC THAN FANTASTIC...
someone has a $1,000 debt and repays it in full within the time period the provider
allows you, no interest will be charged. However, even if $1 of the total amount remains
unpaid by then interest will be charged on the full $1000 from the date of the purchases.
This will keep until the payment is received. That is another example of another credit
card statistic that comes with paying a heavy emotional price when left to grow out of
control. (That part of the contract is free!)
Important: If you own several cards and want to get out of credit card debt sooner
rather than later, then make a point of paying off the one with the highest interest rate
first and fast. Don’t bury your head in the sand and think that there wont be problems
further down the road if you leave your repayments unchecked. That dark road will lead
to a bad credit record, unreasonable fees and an further accumulating debts. At least try
to work a deal out with your credit provider, such as a payment plan that you can
afford.
MORE PLASTIC THAN FANTASTIC...
When debt becomes too much, like it does for over 5000 people per year, suicide is
steadily increasing. Uncontrollable debts and financial pressure accounts for over 5000
people committing suicide every year in the US. Some people are unable to handle and
deal with a life time of painful financial hardship brought on by heavy repayments and an
inability to repay loans so they choose to take a quick bankruptcy option....or ‘early
expiry date’. However, there’s now help out there for those who need it. Governments
issue free debt help and advice in developed countries.
Good news from the US on credit card company reforms!!
President Obama became aware and acted on
problems in the US. created by credit card issuers and
introduced new reforms which credit financial
institutions must follow. Companies previously
cloaking real facts and figures now have to show
much more transparency. The new reforms are
demanding for companies to give more notice when
they decide on changing interest rates and they will no
longer be allowed to charge higher interests based on
consumers’ previous credit card and debt statistics. By
law, the new reforms for credit card issuers means they will have to disclose the amount
a loan will cost when people make minimum repayments. Lenders must also provide
information on how much consumers must pay each month if they want to pay off their
balances within 12, 24 or 36 months with interest included. This and many other new
credit card reforms will make the companies behind credit cards more transparent, less
deceiving and it will help people in the US and from falling into credit/debt mud. Lets
hope the rest of world follows and imposes credit card reforms on greedy financial
institutions so that unsuspecting consumers don’t become just another bad credit card
statistic...
RECOMMENDED READ....
Credit card statistics indicate that the average credit card holder in the US owns; or
rather is ‘owned by’ 5.45 credit cards. For many this ends up in bad debt which then
becomes just another credit card statistic.
Read on to see ways to avoid credit card debt, or how to get out of credit card debt. There
is also information on the celebrated new reforms on credit card companies that have
emerged from the US.
When the average card holder in the US. owns 5.45 credit cards, this sums up to almost
one trillion dollars on credit card debt each year and over $38 billion in interest. Those
credit card statistics and that kind of money could support a small nation! That’s a lot of
revenue for banks and the financial institutions who loan out credit loans but it also
comes with a lot of credit card problems and heavy debt for consumers.
80% of adults in the Us. are ‘owned’ by credit card debt.
rather is ‘owned by’ 5.45 credit cards. For many this ends up in bad debt which then
becomes just another credit card statistic.
Read on to see ways to avoid credit card debt, or how to get out of credit card debt. There
is also information on the celebrated new reforms on credit card companies that have
emerged from the US.
When the average card holder in the US. owns 5.45 credit cards, this sums up to almost
one trillion dollars on credit card debt each year and over $38 billion in interest. Those
credit card statistics and that kind of money could support a small nation! That’s a lot of
revenue for banks and the financial institutions who loan out credit loans but it also
comes with a lot of credit card problems and heavy debt for consumers.
80% of adults in the Us. are ‘owned’ by credit card debt.
In the US
In the UK.
Russia
Only one card
per six people
Japan
Only one card
per 33 people
South America
India
One card
per 65 people
Poland
Time to be set free....
www.menscaremenslifestyle.com ©
Doubled in
the
last few
years!
$6700
Debt. per
Card
holder!!
Credit card
use Tripled
in 5
Years.
$4100 Debt.
per Card
Holder
MENS CARE MENS LIFESTYLE
In his book; ‘the barefoot investor’ author Scott Pape tells it all in a humorous and
intelligent way how easily people fall into financial trouble by spending money that they
do not own and he suggests ways of avoiding the debt trap before sinking into it. It’s a
must read for anyone before they decide on taking a step into the dark world of credit
cards and other ugly debt. The book also covers sensible money saving strategies and
gives good background knowledge on finance. This best seller also covers other great
topics on financial plans and debt woes, plus gives great advice and ideas on how do stay
debt free... thus worry free....highly recommended!
Credit Card Statistics
LIGHTER DEBT
www.menscaremenslifestyle.com ©
You will be surprised
and hopefully inspired
&
