Itâ€™s so much easier using credit than to pay in cash. As a result people are purchasing 95% of their big ticket items with a credit card. This practice has so many people up to their eyeballs in debt. Now enters the question How to pay off credit card debt? Is mortgage refinancing a option? In spite of all our efforts to pay off these Hugh debts we continue racking up our credit cards and paying Billions of dollars a year in interest to Banks and Credit card companies.
With most people having many credit cards recovering from the Hugh debt is going to be very difficult to almost impossible. If you keep using your credit cards and raising the limits youâ€™ll never be able to get rid of the temptation to keep racking them up, it seems that most people arenâ€™t thinking about how to pay off credit card debt. And of course the Banks and Credit card companies are always raising your limits and offering special rates for six months.
Credit card companies are getting you to make purchases with 0% interest for 6 months or at a lower introductory rate with their higher interest rates taking effect after the 6 month 0% interest period is over. Transferring higher interest balances over to lower ones will help you to pay them off sooner if you can make bigger payments during the 6 month period, but most of us donâ€™t think about how to pay off our credit card debt. We just like to pay the minimum owing.
Did you know that credit card debt is on the increase at such an alarming rate, that for some people the capability to pay down this debt and reach financial freedom is out of reach. Our growing credit card debt has reached disastrous levels with nearly every household in America carrying massive debt. This is a growing problem and how can it be stopped?
Our ever growing need to have what we canâ€™t afford has left us in debt up to our eyeballs with no end in sight. Itâ€™s interesting that money management is rarely taught in our schools! It doesnâ€™t matter the level of income earning your at, the ability to handle money, especially your own money is something we could use some teaching in. Itâ€™s soâ€¦.easy to get into debt, new house, fancy car, keep up with Jones!
What To Do If You Can't Pay Your Bills!
We all could benefit in a lesson on how to pay off credit card debt! Itâ€™s so easy to get in over your head and then itâ€™s too late, youâ€™re drowningâ€¦use one card to pay down another, and itâ€™s a vicious circle. Learning to control your spending is vital, but even more important is eliminating your debt. Your stress level is skyrocketingâ€¦it can distress your marriage, friendships and your job.
Is your debt out of control? Is paying off debt a priority for you? Have you reached the end of your rope financiallyâ€¦If you answered Yesâ€¦and before you consider mortgage refinancing the first step is to identify and accept that youâ€™re drowning in debt and itâ€™s a serious problem you need to solve.