Debt Management

Credit card debt is the third largest source of household indebtedness in the U.S., averaging $15,328 per household that actually carries credit card debt.  As of September 2012, the $852 billion owed on credit cards is overshadowed only by the mortgage debt market and the nearly $1 trillion in student loan debt.  While credit is a necessary evil in the world economy that we live in today, it is the worst debt to carry and should be eliminated as soon as possible.

There are certain caveats though when it comes to managing your credit card debt. Do not attempt to employ a Debt Management firm such as Consumer Credit Counseling to fix your problem unless you are willing to have your credit records trashed for the next 7-10 years.  This is one of the largest growing industries in the U.S. as a result of our indebtedness and rampant consumerism.  While these companies can help to negotiate lower fees and interest, when the time comes to try and secure a mortgage you will be looked upon as if you had filed bankruptcy.

There are ways to fix the problems and most of the time it simply takes discipline, process, and possibly some sacrifice to get back on track. Change your financial behaviour and change your life for good!