Credit Card Debt Essentials

Understanding Debt

Often people don’t fully understand what they’re really getting themselves into when they take on a debt. You go to the store, see something you want and buy it on credit because you don’t have the money for it now. Possibly you wanted a home that was a little out of your monthly budget, but a variable interest rate made the deal look really attractive at the time.

It’s not until you try to pay debts off that you really understand how dangerous debt can be. Knowing how different kinds of debts work is key to managing your money if you’re using credit or purchasing big ticket items, like a car or home. If you took on a debt that is more than you can handle, call 1-800-320-9929 to speak with a certified credit counselor, to learn about all the solutions available to you. You can also take our Free Debt Analysis to decide if you need debt relief.

Types of Consumer Debt

Not all debts are the same and the differences between them can make all the difference in the world when it comes to your money. Do you have a revolving debt or an installment debt? Is it secured or unsecured? Learn about the various kinds of debt you can have and what you should know about each.

Find out what kinds of debts you have

Understanding APR's (Annual Percentage Rates)

Interest rates are one of the most critical factors when it comes to debt. You can end up paying triple the tag price on an item if you pay for it on a high interest credit card that you don’t pay off immediately. Your mortgage could be fine one minute and outrageous the next if your adjustable rate mortgage has an adjustment. Understanding interest rates is vital to controlling and understanding your debt.

Get more information on interest rates

Consumer Debt Statistics

If you think you’re the only one with debt problems, rest assured you’re not alone. Learn some interesting statistics on credit card debt in America and see where you rate against national averages.

Real facts on consumer debt in America