If you're like the average American who are carrying $ 10,000 in credit card debt. You are probably feeling a bit like a hamster running in A wheel as you keep paying the minimum monthly payment, but the balance seems to never go down! The truth is that the balance goes down, is rising!
The Credit companies do not want you to know, but facts are simple! If you have $ 10,000 in credit card debt and still pay only the payment monthly minimum, which will take 40 years to repay this debt! You read that correctly, 40 years! The interest just keep accumulating and increasing your balance!
Did you know that the credit card companies make $ 700 BILLION dollars a year in interest charged by holders of card? Numbers shocking, but true! The government is trying to help us by putting limits on the amount of interest from these credit companies can charge, but that's not enough! That does not eliminate the debt and stop all interest accumulating on the credit cards you have.
Unfortunately, many people use bankruptcy to erase this incredible burden. In fact, 90% of all bankruptcies are a direct result of credit card debt. This is not the way to follow bankruptcy can destroy your financial situation for years to come.
However, it is understandable that people turn to bankruptcy. After all How long can one endure the endless phone calls? Day and night, even on weekends! It is an incredibly stressful situation of having afraid to answer the phone. Even call your workplace, your family and your cell phone! The mere sound of a ringing phone, you can send in a panic. Hiding will not stop, pretend it is not happening will not stop and do nothing only make things worse. However, bankruptcy does not have to be your answer! There is a better way!
You literally can reduce up to 50% of their current credit card debt now! You can stop the phone calls, to end the tension and get your financial life back to where you need to be!
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I know how hard it is to go back to school so I did some research for you.
Article Source: ArticlesBase.com – You Can Be Debt Free – Learn How To Erase Credit Card Debt