No one wants to talk about it, but everyone knows its true, with the amount of debt the average American family is in, many families are paying upwards of $1,000 a year just on interest alone. It’s not a pretty site and it won’t be getting any prettier, with people constantly losing jobs and still spending money. Most families don’t have emergency funds either. Where will the economy and your family be in a year from now? It depends on the choices you make today to better your future. I said in the beginning that interest alone on the average family’s credit card debt is $1,000, that is based on a 14% interest rate and a debt of $8,000. That’s right, the average debt, meaning there are many above and below this number is $8,000. That is remarkable,are you ready to stop the cycle?
Yes,your family may not be average, and maybe you haven’t hit $8,000 in debt yet, but why start now? You may also be “above average” in a bad way, and have debt towering high above $8,000. Either way, it is never a bad time to start paying off debt or at least consolidating it so that you can start fresh. You may want to even consider the all cash “diet” as many are calling it. They say if you can’t pay for it in cash, you can’t afford it. Many times this is true. Sometimes many of us forget that when you swipe that gold piece of plastic, you still have to pay for what you are purchasing later, and it isn’t just a magic money card.
Now would not be a bad time, with interests on the rise to take advantage of some of those offers you see in the mail for 0% interest for a year. You need to give yourself some time to pay off that debt, but make sure you read the fine print on those credit card contracts, they can be dangerous if not completely understood. Fees and interest rates may be sky high after that first year, so make sure you are aware of what you are getting yourself into. If the case is such that those fees and interest rates do jump up, make sure you know when your year is up, and that you cancel those cards so that you don’t incur those fees and interest.
If you are planning on consolidating especially, those 0% interest cards may be exactly what you are looking for, you can drop your cards with the highest interest rates and consolidate that debt into the interest free card saving yourself literally thousands of dollars. Also, if you consolidate into less cards, you don’t have as many small payments with interest on them, therefore each time a payment is made you are shrinking your debt faster than with 5 or 6, or more separate cards.
Even debit cards can be a solution instead of credit cards. This way, you will be forced to watch your bank account more closely so that you can understand your debt and what you need to do to get out of it. It will also help you to better monitor all of the recent credit card fraud taking place lately.
Check City has PrePaid Debit Cards from NetSpend available for your convenience. They can be used anywhere Visa and MasterCard are accepted worldwide. You have to put all of the money on the card before you can use it, so when the money is gone, you will have to reload it in order to use it again. It is easy and helps you become debt free, it gives you a way to still have the convenience of plastic and keep yourself out of debt at the same time. Visit us at CheckCity.com to learn all about our Pre-Paid Debit Cards and how they can help you stay out of debt.
