Eliminate Credit Card Debt - Some Tough Decisions
According to the Center for American Progress:
- The number of families carrying credit card balances from one month to the next is increasing.
- Credit card debt is on the greatest attack in middle and low-income families.
- Families with higher credit card debt - not necessarily overall debt - are more prone to credit card delinquencies.
So, do you think these companies are attacking low-incoem families now? Of course they are, and its even more motivation to eliminate credit card debt once and for all.
Why eliminate credit card debt?
Is it worth the trouble? Is it worth years of overly-cautions spending and major financial sacrifice to completely eliminate credit card debt? We think so. Because as the figures show, the most successful debt management programs try to eliminate credit card debt before anything else - they know where the problem really lies, and they know how to begin chipping away at the situation.
And we have to do it not for the high monthly expenses, but for the preservation of our credit. For low income families, credit is the only opportunity we have to get the money we need to live a somewhat normal life. We need credit, which means that we need to eliminate credit card debt and all those financial obligations sucking our bank accounts dry on high interest and revolving payments.
Get off the train and eliminate credit card debt for good.
All material copyright © 2008 Debt Derailed. All rights reserved.
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