Have you noticed that the majority of your money appears to be going toward credit card interest, and the needle on your balance due never seems to move in the correct direction? Do you see yourself trapped in a never-ending loop of paying minimum payments and clenching your teeth as each bill arrives? You may despise the idea, but have you considered that declaring bankruptcy may be your only option?
You don’t have to stay in that pattern, and you don’t have to file for bankruptcy if debt is starting to take control of your life and taking a toll intellectually, physically, and emotionally. You can learn about another alternative for credit card debt relief that is less drastic than bankruptcy but nonetheless beneficial in assisting you in getting out of debt.
You’ve come to the right site if you’re looking for answers to the above-mentioned questions. Here’s what you’ll learn as you continue reading:
- How do you know if you need to consolidate your credit card debt?
- What are the most common reasons for credit card debt?
- What is the procedure for getting out of credit card debt?
- How much money can you save by settling your debts?
- When it comes to credit card debt, how long does it take to pay it off?
- What characteristics should you seek for in a debt settlement firm?
Know When You Need Credit Card Debt Relief
Contrary to popular belief, you do not need to wait until your finances have “reached rock bottom” before seeking credit card debt relief. In fact, if you’re starting to notice that your credit card debt is becoming a problem, it’s better to take action now rather than wait.
Consider the following warning signals of financial distress:
- You’re having problems keeping up with your bills. You may occasionally skip payments, resulting in additional penalties such as late fees and higher interest rates.
- You could be getting calls from creditors or collection agencies.
- You obsess about your bills to the point where it interferes with your daily activities or you lose sleep over them.
- You don’t keep track of your spending, but you assume you spend more than you earn.
- Despite your debt worries, you find yourself participating in “retail therapy” to make yourself feel better.
- You may have realized that some of your debt relief choices are no longer available to you since your debt has negatively damaged your creditworthiness.
- You’re embarrassed by your spending habits and want to keep your debt troubles hidden from your friends and family.
- You believe that no matter what you do, you will never be able to pay off your debt.
If you recognize any of these indicators in yourself, call 888-254-3702 to speak with a Cardinal Law Center Certified Debt Specialist about your debt relief alternatives.
Credit Card Debt Causes
Inflation and living expenses
Inflation and the cost of living: While many of us are earning more than we used to, inflation and a greater cost of living are surpassing that increase in salary. “While the average person is still making the same amount of money when accounting for inflation, prices for many of the daily necessities have gone up considerably, which means that each dollar earned does, in fact, buy less than it did 20 years ago,” Investopedia concluded after crunching the numbers. To make up for the shortfall, many people use credit cards to purchase basics.
(Source: Pew Research Center)
Medical Fees
The cost of medical treatment has risen dramatically, prompting many Americans to use credit cards to pay for their medical bills. According to Clever study, the average American household’s healthcare costs climbed 101 percent between 1984 and 2018, from $2,474.85 to $4,994.25 per year.
(Source: PGPF.org)
Shopping that is impulsive and irresponsible
When buyers use credit cards to make purchases, the psychological sensation of loss they feel when they take money out of their wallets and hand it to someone is reduced or eliminated. This, combined with marketers’ efforts to turn people’s wants into necessities, has resulted in a surge in wasteful purchases.
(Source: MagnifyMoney.com)
Debt's Real Price
Once you’ve gotten into debt, your interest payments build up, making it seem impossible to get out. Despite making payments, your debt grows rather than improving as interest rises. For example, if a person owes $10,000 in credit card debt with an 18% interest rate and pays $200 toward the debt every month without fail and never adds anything else to the card, the sum due will still take 7 years and 10 months to pay off. Worse, the interest alone will cost $8,622.00.
(Source: CreditKarma.com)
Expenses for vacations and home improvements
These are common debt traps for people with higher incomes. Credit card users with a good credit score have larger credit limits, which means they’re more likely to overspend on expensive things.
Repairs on your car or appliances that you didn't expect
According to the Federal Reserve, 39% of Americans do not have enough money to cover an unplanned $400 or more bill, such as automobile or appliance repair. Given that the average cost of a car repair is between $500 and $600, many Americans may be just one auto repair bill away from getting into credit card debt.
What Is Credit Card Debt Relief and How Does It Work?
How Much Money Can Debt Settlement Save You?
*”Dan” is an example of a typical Cardinal Law Center client, whose experience is a composite of the experiences of the Cardinal Law Center program’s thousands of clients.
This is just one case, but it illustrates the realities of debt settlement in general. The American Fair Credit Council states:
How Long Does It Take to Get Out of Debt With a Credit Card?
Is it Possible for Me to Negotiate a Credit Card Debt Settlement on My Own?
What to Look for When Choosing a Debt Settlement Firm
Allow Cardinal Law Center to assist you in resolving your credit card debt.
When you work with Cardinal Law Center, you gain access to a specialized team of professionals whose sole purpose is to negotiate the best possible deal on your behalf.
- Cardinal Law Center does not charge any upfront costs and tailors plans to your specific needs.
- Before you commit, our Certified Debt Specialists ensure that you understand all of the facts of your debt settlement plan.
- We provide you with access to an online site where you may track the status of your debt settlement in real time.
- Our skilled negotiators have years of expertise negotiating the most favorable settlement terms for our clients.
- Our Client Relations Specialists can help you stay on track throughout the debt settlement procedure.
Related Pages
What Is Debt Settlement?
Do you have credit card debt that you can't seem to get out of? Discover how Debt Settlement can assist you in regaining control of your credit card
Getting Started with Debt Resolution
Do you have a lot of credit card debt, struggle to make minimum payments, and live paycheck to paycheck? In the United States, the most common sorts of people are:
How Does Debt Relief Work?
You may be wondering how debt relief works and examining your alternatives if you are plagued by debt and want to be free of the stress and worry that comes with it.
Ddebt Relief Tips
To become debt-free, you must plan for success. Debt management demands a methodical approach. There are no remedies for everything. You must
Begin your journey now.
I appreciate all of your assistance in resolving my debt, and I’ve been speaking Cardinal Law Center’s praises since the beginning. You guys have gone above and above my expectations, and I’ve already referred you to a few others I know. Thank you very much for everything!
Get a personalized savings estimate
→