Debt Consolidation And Credit By Staff
Credit card and even more so Store card interest are set at exorbitant rates for one reason alone, companies make their money from the consumer’s inability to settle their card balances. Credit card debt is unsecured, whereas other debt like your mortgage is secured (your home acts as security against your debt). With credit card debt, there is no backing security, which means that credit card debt is high risk for banks and hence the high interest rates
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News) Rockville, MD - According
to the annual Credit Card Survey conducted by Myvesta, a
nonprofit consumer education organization, the average amount of
credit card debt carried by individuals has declined by 11.4
percent. The average American is now carrying $2,328 in credit
card debt, down from $2,627 in 2004. Individuals also haven't
added any new credit cards to their wallets in the past
year. Americans still hold an
average of 2.9 cards each, the same as in 2004.
advised choices of personal loans and credit cards are catapulting large numbers of young women into debt, according to a survey by finance expert ClearDebt.
Improve Credit Rating "While it's great that many Americans have been able to reduce
their overall credit card debt, let's hope we don't wake up to a
holiday hangover when the credit card bills for this holiday season
start arriving in January," said Steve Rhode, president of Myvesta.
"If consumers used credit for their holiday purchases this year,
they might erase any progress they have made toward paying down
their debt."
If you are one of the millions of Americans struggling with debt from credit cards and other loans, you already know the importance of getting debt off pay quickly.
Credit Online Rating Report According to the annual Holiday Shopping Survey conducted by
Myvesta, the average American planned to spend $747 on their
holiday purchases in 2005. If that amount was charged on credit
cards and added to the average credit card debt of $2,328, the
total would be $3,075.
. Unfortunately, debt is now part of most peoples everyday life, so much so that... Credit Card debt surges . A new report shows that credit card debt has surged to its highest level... Living in debt . Living in debt is a fact of life for many householders. Being in debt... Debt Advice.
Credit Score Rating Scale Males have an average of $2,369 of credit card debt spread out
over 2.8 cards; females average $2,289 of credit card debt on 3.1
cards.
Unfortunately, credit card companies offering lower typical APRs (Annual Percentage Rate) tend to have stricter credit check systems and are more likely to reject your application. With the uSwitch.com credit card comparison service you can compare the credit cards available that will accept applications from people with poor credit check results (or credit ratings). This will save you the hassle of having your applications rejected, which can also show up as a bad sign in future credit checks.
Bad Card Credit Credit People Married individuals have an average of $2,625 of credit card
debt; non-married individuals have an average of $1,744 of credit
card debt.
Free Credit Rating Report Individuals in the West are carrying the most credit card debt
with an average of $2,547.
People in the Midwest are
carrying the smallest balances with an average of $1,972 of
credit card debt. Individuals in the South have an average of
$2,465 on their cards and those in the Northeast carry an
average balance of $2,199.
Credit Rating Scale Myvesta's annual Credit Card Survey was conducted November 4-6
in a random telephone survey of 1,000 people.
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