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Tips on choosing Debt Consolidation Options

Bankruptcy - Credit card debts Credit cards are the leading cause of bankruptcy for many people. Here are some tips. Bankruptcy cases have increased by large percentages within the past year due to the current state of our economy.

Predominantly, credit card debt is the reason behind most of the bankruptcy cases. The debt starts off with just a few thousand dollars, and due to a number of reasons, grows exponentially until it becomes a hundred or thousands of dollars within a few months. The worst part is that the card holders aren't even aware of what is happening until the debt is just too much to handle. It has become a necessity for working people to carry with them an entire stack of credit cards irrespective of where they are going. Credit cards are convenient to carry and transactions take hardly any time when you're using plastic.

Credit card companies especially target advertising and marketing employees, as they have to interact with credit card dealers as part of their work. Credit card minimum payments are calculated at a percentage of 2.5% with a $50 minimum payment or 3% whichever is applicable based on the card usage. This amount, at first seems rather low, even though you make the payment monthly.

But in reality, the reason credit card bankruptcy occurs is that every time you make a purchase through your card, you pay the minimum amount prescribed by the company and nothing toward the balance. According to, the average household in America is carrying $10K in credit card debt. If consumers continue to make only the minimum payments on their credit cards, it will take you 382 months to be rid of your debt. In that time, you will pay $14,615.49 in interest.

No wonder credit card companies send offers in the mail on a daily basis! They are becoming rich and we are drowning deeper and deeper in COMPOUND interest and late fees and over-limit fees! Using more than one credit card is one of the leading causes of bankruptcy. Possessing more than one credit card can lead to wild shopping frenzies causing the people to exceed their credit limit on each card in a short span of time. If you are in debt you might want to go through the following tips to save yourself some time. Every month, pay more than the prescribed minimum balance and shift your balance from a card with a high interest rate to one with a lower one.

There are many methods to come through a credit card debt. But prevention is better than cure and it is best you avoid the situation altogether.

Sandra Baughman, has been an expert in the financial industry for over 10 years Debt Management. If you would like further information regarding Debt Management and/or Debt Settlement, please visit Debt Settlement here.

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