Credit Card Debt Is A Worldwide Plague - Finance Market Analysis

Credit card debt is a plague sweeping not just America, but the entire world ? it is symptomatic of people getting easier access to credit cards and using them not just for frivolous spending, but also to pay off other cards. Even college campuses experience credit card debt, and the figure of almost $20 billion discharged through Chapter 7 bankruptcy is a shocking figure to consider with all this debt being incurred all over the world. One can even compare this epidemic to the influenza scare of the early 1900s, except this is not a physical condition, but rather a mindset.

A debt consolidation loan could help you to consolidate the high debts on your current credit cards to a lower interest rate and probably a lower payment. The average individual can benefit a lot from consolidation loans, as a lot of us suffer from seemingly insurmountable debts and bills left unpaid. Debt consolidation is a godsend for those with a high number of cards with considerable unpaid balance and usurious interest rates.

Rates on credit cards vary quite a bit, so a good idea is to know all your rates and try to transfer balances to lower rate cards when ever possible. It is also possible that consumers can call their creditors and negotiate for lower interest rates, usually it?s best to consolidate the debt at a lower rate when possible. Consumers round the world find themselves faced up against the penalty rate, a much higher interest rate that is levied when they fail to make monthly payments as stipulated.

The disease of credit card debt does not only affect professionals, but also college students, who often do not hear the end of it from creditors. This could force them to declare bankruptcy at an age when Mark Zuckerberg was making his first million (in other words, very young), and this could jeopardize their studies due to the sudden need to work part-time or full-time.

Credit card debt mania is a craze that can be avoided ? you just need will power, a level head and reasonable spending habits that would not require you to pay for something you can?t pay back at the end of the day. If you are already drowning in debt, there are free credit counseling agencies that can be found online, that will be able to help get you started in the right direction.

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Source: http://fairstocktrading.org/2012/02/20/credit-card-debt-is-a-worldwide-plague/

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