Credit Card Debt (2) Blogs

When you get your credit card statement, does the language look like Greek to you? Sometimes it's difficult to understand exactly what your credit card provider means because credit card companies often write in "legalese."

Whether multiple credit cards will help you or land you in debt depends solely on how you manage them. If you have out-of-control credit card debt, having more than one credit card is a bad idea because available credit may be a temptation you cannot resist. On the other hand, if you are never tempted to use your credit card inappropriately, having multiple credit cards can offer some advantages.

You have just paid off your credit card and taken a big chunk out of your debt in the process. Congratulations! Now, you face a question: Does it make sense to close a paid-off credit card account?

The Coronavirus Pandemic is causing financial hardship for many Americans, even forcing some to put important bills like rent on their credit cards. This could cause a massive increase in credit card debt when the pandemic is over.

Whether you think that you need credit card help or not, it always pays to match your financial situation against a few metrics that can provide a reality check about credit card debt in general. 

According to a ValuePenguin study, credit card companies generate approximately $213 from each active credit card account per year. That translates to billions of dollars annually.

Debt has become ingrained in American culture. Today, few of us can imagine a car without payments, a house without a mortgage, or a college student without a loan. In addition to these debts, Americans are also carrying a significant amount of credit card debt.