5 Things You Need To Know About Credit Card Debt
54CREDIT CARD DEBT
Finding the right information on credit card debt can be a daunting . The internet has made this chore significantly easier and definitely quicker than it used to be. On the other hand, when you are finding advice on the net, the amount of info available can be mind blowing. To make the process of finding advice much simpler, we've compiled it to the 5 most important matters you need to understand about credit card debt.
5 THINGS
- WORRY: 9 out of 10 Americans claim credit card debt has never been a source of worry. In other words, credit card debt is on everyone's minds right now.
- TIME: If only 2 percent minimum payments are made, a credit card charge of $1,000 on an average credit card will take nearly 22 years to pay off, and will cost you more than $2,300 in interest ($1000 + $2300 = $3,300 total).
- DEFICIT: U.S. Consumer debt totals over 2 trillion dollars and the average household carries more than $10,00 in credit card debt
- UNSECURED DEBT: Unlike interest paid on a first mortgage or a second mortgage, interest paid on credit card debt is not tax deductible since it's not backed by the equity of your home
- RATES: Most credit cards have interest rates in the mid to high teens and in some cases even higher.
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