Each year in the US the debt on credit cards continues to grow. It is the kind of growth which is creating tremendous problems as individuals and families face widening financial issues reaching beyond the credit card market alone. As consumers face growing credit card debt other markets like mortgages, cars, housing, higher education and other industries feel the effects of the debt.
As this debt grows more individuals are seeking the services of debt consolidation companies or taking other more drastic measure like foreclosures or bankruptcy in an attempt to fix or gain some control of their finances and get back on stable financial footing again.
A Few Facts on Debt with Credit Cards
When dealing with money it is important to get a complete picture and know the numbers. The average credit card not the individual but the card currently carries a balance around $1000. If you took this $1000 balance and only paid the minimum 2% payments each month it would take about 22 years along with an additional $2300 to pay off the debt.
On the national average the American household is starring at almost $8500 in debt each month on their credit cards. The average debt on credit cards has tripled since 1990.
It is sad that many consumer have no idea how much interest they are spending each year, among the unknowns are those how do not have a worry about how much they spend on interest until they must face it down. The average American is paying out from their sweat and hard work more than $1200 per year in interest. That figure is enough to cover one mortgage payment and then some.
For those struggling to make the mortgage payment each month, start looking at your spending on the credit cards.
Interest rates are also rising with the average rate hovering around almost 19% and inching higher. Some credit cards start with a rate of 23% APR and near the 30% mark for those with damaged or bad credit. If you surveyed the American credit card holder 50% would never share what they owe in debt, 23% carry cards which are maxed out, 13% can claim to be late at lest 30 days on a payment sometime in the past 12 months and 11% can boost that their card debt is in collections. Too many individuals have an out of balance debt credit ratio.
Poor credit and financial management on a personal level is a growing economic problem. A problem that is slowly taking its toll in a variety of ways in many different industries and ripping apart American families. It is a problem that individuals must begin to address for their own well being both now and in the future.
First Last Letter Word
Success. There is virtually no doubt that everyone wants to achieve it. But what are the secrets you need to attain true success? And how do you go about achieving true success? Everyone has his or her own definition of being successful but there is one major secret that will decide whether you succeed or fail tremendously in life if you choose to follow it.
That major secret is simply to have focus in whatever you do. How many times do you find yourself in situations where you are overloaded with ideas? And how many times do you find yourself being unsure of what to do with those ideas? The key is not to discard those ideas, rather to consolidate them and then focus on just one or a few of the ideas.
Once you have focused on an idea, you must next remain completely focused to resist making too many changes. A few changes here and there is alright but making too much will only slow down your rate of success. Always remember that being focused means you must know the exact path or direction you want to and will be taking once you decide on an idea or a few ideas and not deviate away from it. And once you are clear of the exact path or direction to take, it will definitely steer you towards taking the right and effective actions towards transforming that idea or ideas into a successful reality.
Focus is not just limited to our ideas or plans. In fact, focus is very much linked and very significant to most of the activities or things you do in your life. Let me demonstrate my point with a simple illustration of embarking on a successful online business experience. When you create an online business, it definitely has to be very focused to attract the right traffic and generate sales. For example if you are doing an online business on baseball, a very competitive and general market, you can definitely attain better success if you focus more accurately on promoting baseball products rather than just baseball alone. You will have more targeted traffic coming to your website, bringing along focused customers who know exactly what they want to find, which in this case is baseball products. And once they see that your website is providing the exact focused products that they require, this will lead to purchases from your website which in turn will translate to extra income for you.
Focus. The simple yet effective secret to achieving success. Do not stray too much from your initial idea and fight the temptation to make too many changes. There is no doubt that you will definitely reap the benefits of success and get more things done if you remain focused.
Both Eric Jilson & Mohamad Latiff Bin Rahim are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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