Interest rates of credit card companies have leveraged to the clouds.
Paying off debt seems next to impossible. A credit card holder who has a balance of $5000 will need approximately 20 years to pay of his debt at the current interest rate of 17%. The total amount to be paid by the end of 20 years will sum up to approximately $20,000 at this rate. Such a policy is sufficient to make an average person go bankrupt.
Obama has taken this situation into count and has announced especially restructured consumer protection laws to help people ward off credit card debts. The American Government has also taken steps to create awareness among the public by circulating news about these policies.
Did you know that the average American family is over $10,000 in debt? And did you know that this debt will take over 40 years to pay off if you only make the minimum payment each month?
This debt will also cause 1 our of 73 households in the US to file for bankruptcy in the next 5 years.
Fact: Credit cards cause 95% of all bankruptcies that are filed in the US each and every year.
Fact: Companies have begun to release free info to Americans that helps them erase 50% of their past due debts each and every year.
Every consumer who has a past due balance that they are no longer able to afford should check for free to see exactly how much they can get erased.
This is free only for those with credit card debts.
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