US Credit Card Debt

US credit card debt is multiplying at an astronomical rate. Most US consumers carry an average of 13 credit cards with a total balance of about $5,800. The term "charge it" has become common place to a generation that has grown up using credit to pay for everything from gas to groceries. Paying cash is a thing of the past and plastic and "smart cards" now identify who we are and how we pay. US credit card debts have developed into a major problem for those who now find themselves engulfed in massive amounts of debt. Most shoppers shop impulsively and US credit card debts make it easy to amass obligations quickly. US credit card debt, if used wisely, can have advantages. Learn ways to avoid more mistakes before accumulating extra US credit card debt.

US credit card debt holders usually are not aware of the pitfalls associated with credit cards. The promise of free money, low interest rates and extended payoffs lure hundreds of thousands of people each year into US credit card debts. Everyday millions of people responded to 'pre-approved' offers for credit cards. The enticement of low interest rates usually convinces consumers to transfer balances trying to beat the system of US credit card debts. Often people are not aware of the risks associated with these offers. US credit card debt companies are there to make a profit. US credit card debts companies gamble that you will not payoff the balance during the introductory period because most people rarely do. Usually at the end of these introductory periods, interest rates increase substantially. They may not disclose that some balance transfer fees might be assessed by your present credit card company as well.

US credit card debts are causing millions of individuals' major stress and sleepless nights. Most consumers are only able to make minimum payments on US credit card debts and have no idea how to get out of the endless cycle. US credit card debt companies continue to perpetuate the myth by enabling consumers through offering more credit. Most consumers are not aware that each time they apply for credit they negatively affect there credit score. Most consumers have never looked at their credit report and do not know what their credit score is. This is the fist place an intelligent consumer must start. US credit card debt can end if consumers will take the time to educate themselves on debt reduction and eradication methods.