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Credit repair services and resources for
Americans.
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Should you have a
credit card?
Many financial advisors agree that the single most important contributor
to bad credit histories is poor credit card management. Credit card
companies are prepared to take risks that other creditors don't - for a
reason. The amount of interest charged on outstanding credit card debt
is enormous. Credit card companies make an incredible amount of money -
in other words profit - by charging consumers interest on their credit
card debt.
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Consider the
following credit card statistics:
American Consumer Credit Counseling reports that total US credit card
debt is over $60 billion. They also report that the average interest
rate charged by credit card companies is around 19%. More than half of
credit card holders in the US only pay their minimum monthly credit card
balance. This is extremely costly, consider that the average US consumer
carries over $8500 on their credit cards. The total number of credit
cards held by consumers is over
1.3 billion.
Has your credit card debt affected your credit rating? Find out today.
Request your
free, no obligation
credit report repair evaluation form
online.
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It is easy to see from these numbers just how much money credit card
companies are making through interest and finance charges. It is
estimated that over 75% of these companies revenues come from these
charges. The bottom line is this. It is in the credit card companies
best interests that you do not pay off your credit card balances in a
timely manner. When you are unable to pay off your credit card balance,
they make money - and lots of it.
The truth of this is undeniable. One credit company has gone as far as
to penalize it's customers who pay off their credit card balances and
incur no interest penalties. These individuals are, in effect, using
their credit card for free. As there is no profit in it for the company,
they have started charging those customers who pay off their credit card
balances in a timely manner $25 a year. These people are being penalized
for good debt management.
Credit Cards to Build Credit
Credit cards, when used properly, can be a good vehicle to
build credit. The most important thing
when considering acquiring a credit card to is first think about your
understand of debt. If you are not a good money manager, credit cards
may be the start of financial crisis and a need for
credit repair services. As
most credit counselors
will tell you, credit cards are the number one reason why people find
themselves in debt over their head.
Check the credit resources page to
find the tools you need to assess your suitability for good credit card
management.
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Select the Acts below to learn more.
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