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Credit Card Debt Archives

Stay informed when applying for a credit card

Applying for a new credit card can be a good thing, and it can also be a very bad thing for your debt. The most dangerous debt situations happen when credit card applicants don't fully understand the terms and conditions of the card they are applying for. As such, whenever you receive a credit card offer, you should look closely at the following information before sending in your application:

Are your credit cards costing you over $1,000 annually?

On average, 50 percent of Americans carry monthly credit card balances. Even worse, the average amount of this credit card debt is $15,654. This is putting a significant financial strain on the American economy and on individuals and their households.

Tips for escaping the payday loan debt cycle

Payday loans are a vicious cycle. Many people go to a payday loan center for a quick bit of cash because they can't make ends meet. Then, when their next paycheck goes to paying the loan, and they can't out of this debt cycle, which has been designed specifically to get them hooked.

Have you ever thought what a debt-free life would be like?

Imagine you're paying $600 per month in credit card bills. You're living paycheck to paycheck and struggling to make ends meet. Sometimes, you've got to put a little bit more on your credit card to make it through the month. But what if you didn't have that $600 credit card bill? What if you could make it disappear?

Millennials are terrified of credit card debt

The website Credible recently published the results of a survey that questioned millennials about credit card debt. According to the survey results, millennials fear credit card debt more than they fear death. In fact, 33 percent of the youngest generation of adults claims that the scariest part of their day-to-day lives is credit card debt.

Store-brand credit cards are some of the worse that exist

Banks use credit cards as a guaranteed way to make money. They tweak the numbers and the risks in such a way that they will never lose money statistically, and their profits are big. Responsible consumers can navigate the use of their credit cards and benefit from the ease and convenience, but one wrong step and anyone can fall into a spiraling hole of debt -- and that's when the big banks make all their money.

Ready to pay off your credit card debt? Do this first

This summer, American consumer credit card debt rose to a whopping $1.02 trillion. As difficult as that amount of money is to conceive, it's enough to know that it's a monster-load of debt. Thinking about all this debt may also inspire you to think about how much debt you currently have rolling over on your credit card statements each month.

Mark Cuban talks about his past struggles with credit card debt

It's hard to imagine, but even billionaire Mark Cuban from the popular show "Shark Tank" has suffered from problems with credit card debt. Cuban, who achieved billionaire status in 1998 when he went public with his online streaming company, Broadcast.com, said that he suffered from money problems in his 20's.

Here's what debt collection agencies cannot do

There are laws that govern what debt collection agencies can and cannot do in their attempts to collect debt from you. If a debt collection agency violates one of these rules -- especially if it violates it repeatedly -- borrowers may be able to pursue legal claims against the agency. Here is a list of the actions that a debt collection company is prohibited from doing:

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