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Consolidate, Before It's Too Late.
By David Riewe, Thu Dec 8th
Credit cards have revolutionized the purchasing experience sinceDiners Club released the first credit card in 1950. It gave consumers limited credit that, at times, even surpassedtheir own personal savings. It allowed them to buy items theycannot usually afford with a straight cash purchase. It alsoprovided the convenience of not needing to carry wads of dollarbills. Thus, on the average, American households possess 4 credit cardsor a total of 13 payment cards including debt cards and storecards aside from credit cards. There are, actually, 1.3 billionpayment cards in circulation in the United States.
But if you think that credit cards have made the lives of modernAmerican consumers easier, think again. Statistics show that the average credit card debt for eachhousehold per month is $4,800. This lead to 1.3 million creditcard holders declaring bankruptcy in 2003. And if you still
consider yourself unaffected by this, thenconsider this one: upon retirement, most Americans can onlyexpect to receive about 37% percent of their annual retirementincome because of debt payment, leaving them to depend on thegovernment, family and charity. That's scary. So before you find yourself in the same situation,it might be time to evaluate your credit card debt. One way of resolving debt that you might consider is credit cardconsolidation. So what is credit card debt consolidation? In a nutshell, credit card consolidation is taking all yourcredit card debt dues and consolidating them into one monthlypayment. This way, you don't have to worry about managing thepayments individually. Aside from that, it may also provide youthe additional benefits: ? Reduce interest payments ? Waive late and overtime fees ? Lowmonthly payments ? Debt relief in a shorter time ? Creditimprovement ? Save more money in the long run You will also need to know that there are actually two majortypes of credit card consolidation. First is through a Credit Card Counseling firm. They assistconsumers by consolidating all their monthly payments into onesingle payment and then disperse this to the creditors in behalfof the consumers until they are debt-free. The other type is through a home equity loan or other securedloan. This is done by exchanging an unsecured debt (such ascredit card debt) for a secured debt (a debt backed by specificassets such as real estate). Now, credit card debt consolidation isn't a magic balm that willdrive all your credit card debt malaise away. But it will makepaying all your debt easier and might save you money in the longrun. About the author:David Riewe is a Publisher and Online Marketer. Visit his CreditResources Blog Below:http://www.push-button-online-income.com/creditcards/
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