Dateline NBC – Credit Card Debt Trap Part 1 of 10
Credit Card Debt
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A step by step video talking about the reality of credit card debt, and how the credit card companys are really charging you 83.3% interest.
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The pace at which credit card debts have escalated has kept us wondering whether credit cards bail you out of a financial emergency or they trap you in a debt cycle.
Almost every household use credit cards but if you don’t keep pace with the payments, your credit card debts pile up. So, it is of utmost importance to reduce credit card debt when they are still manageable.
The importance of saving cash and building an emergency fund cannot be undermined. This is because if you have enough savings to fall back upon, you may avoid using credit cards.
It is important to remember that whatever you do with your finances gets recorded in your credit report. And the consequences of having a bad credit rating aren’t unknown to us. You will not be able to enjoy various financial benefits. So, the sooner you reduce credit card debts and improve your credit rating, the better it is for you and your financial stability.
Do you keep aside some cash from your paycheck as savings?
If you have enrolled for a credit card debt relief program, you will be required to make monthly payments. Your debt reduction effort may not just include how to reduce credit card debts but also doing away with other financial obligations like paying for your mortgage if you have taken out one or paying for your student loan, medical bills etc.
So, a considerable amount of your paycheck goes towards making payments for the above debts. This undoubtedly strains your wallet as you may have to juggle your finances sometimes. As a result you are not being able to save any cash or build an emergency fund.
In case you face sudden financial crisis and you have to shell out some extra cash, you may not be able to as your income is already assigned for respective expenses. This can be troubling as there are chances you may fall behind on payments again.
So, reduce credit card debts in the following ways and see how you can keep aside all the cash you pay for debt payments as your savings.
- Use plastic money in emergency not for your daily needs.
- Make more than the minimum payment on your credit cards
- Make sure of the credit limit you are entitled to and don’t exceed it
- Pay off credit card debts that attract higher interest rate first. If this is a bit difficult, reduce credit card debt with lower outstanding balance.
- Enroll for one of the debt relief programs that will make your credit card debts affordable and manageable.
- Talk to your creditors directly and let them know the reason for missed payments.
