| October 28, 2010

Credit debt may cost more than consumers think

A new report suggests carrying even a little credit card debt could be costing consumers big money over time.

The average American carries over $5,000 in debt, however with lost savings, reduced purchasing power and high interest rates, this extra spending is enough to cut into that next big purchase or retirement and college funds.

The average interest rate on a credit card is 16.75 percent, with most companies using an average compounding daily balance method, according to the San Francisco Chornicle. This debt is charged an interest rate by the day over the life of the debt.

An average debt compounded by an average interest rate could lead to an additional $2.34 in interest per day, the news source reports. Or about the cost of an extra cup of coffee. Over the month this could add up to as much as $70 of extra spending.

Multiplying this digit by 25 years, or the life of the average minimum loan payment, consumers could face up to $20,000 in interest costs over the course of a loan, according to the Chronicle.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

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Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

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Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

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With this amount of debt, you'd pay around $xx.xx on a DMP.

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