Credit Card Debt
Types of Consumer Debt
When speaking of consumer debt, they generally fall into two types: secured and unsecured debt. Secured debt uses collateral, such as your car or house, as security. If you don’t pay your debt, you run the risk of loosing your car or home. Unsecured debt doesn’t use any type of collateral as security; however, if you don’t pay your debt, it can damage your financial future. Credit card debt is the most common type of unsecured debt.
Read more about the Types of Consumer Debt
Facts on Consumer Debt
Sometimes it’s hard to admit that you have a problem with credit card debt. But you’re not alone. When you look at the facts on credit card debt in America, you’ll be astounded just how consumer debt has become a national pastime:
- The average American with a credit file is responsible for $16,635 in consumer debt, excluding mortgages, according to Experian. (Source: U.S. News and World Report, "The End of Credit Card Consumerism," August 2008)
- Total U.S. consumer revolving debt reached $962 billion in May 2008, up from $879 billion at the end of 2006. About 98 percent of that debt was credit card debt. (Source: Federal Reserve)
Want to learn more about credit card debt in the United States? Click here to get the Facts on Consumer Debt
Danger Signals of Credit Card Debt
Do you need help with credit card debt? Should you be talking to a consumer credit counseling agency? Consolidated Credit Counseling Services has compiled a list of danger signals of credit card debt. If you can relate to any of the situations described on that page, then you should consider talking to a credit counselor about your credit card debt.
Find out the Danger Signals of Credit Card Debt.
Can a Consumer Credit Counseling Agency Help?
A consumer credit counseling agency can help you find a way to pay off your credit card debt. A credit counselor can review your existing income and expenses, and advise you the best way to manage your personal finances. However, sometimes budgets aren’t enough. In that case, the credit counselor might advise you to enter a debt management program or recommend other financial solutions.
Consolidated Credit Counseling Services can help. Our consumer credit counseling agency has been helping consumers pay off credit card debt since the early 1990s. Call 1-800-320-9929 to speak with a credit counselor about your credit card debt.
More Information on Credit Card Debt
College and Credit Card Debt
Credit Cards: What You Need to Know
Credit Report
Fair Credit Reporting Act
Fair Debt Collection Practices Act
Guide to Credit in the United States
Make the Most of Your Credit Score
Rebuild Your Credit
Repair Your Credit
Understanding Your Credit Card Statement
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