Credit Card Debt Facts
Credit Card Debt Facts:
- In February of 2009, Americans had $955.7 Billion in Outstanding Revolving Credit.
- In 3rd Quarter of 2008, it was $976.8 Billion.
- It has come down 2.16% from 3rd quarter 2008 to Feb. 2009.
Source: http://www.federalreserve.gov/Releases/G19/Current/g19.htm
Even though it has come down slightly, it is still a whole lot of revolving credit debt. I don’t know about you, but I can’t even imagine $976.8 Billion. That’s so much money that I can’t even picture how much it is.
But, I can picture how much debt was on MY credit card a few years ago. It was pretty scary. I know it pales in comparison with the national numbers, but…
my $5000 that I owed was more than I could imagine paying off…
The interest rate was so high that the balance that I owed was going up even though I was making payments. I couldn’t afford the payments, but I was making them. It was a real sacrifice to come up with the money each month. Sometimes my payments were late.
Then, they raised my interest rate!
I called them on the phone and cried about how bad things were. I didn’t have money to pay the increased payment. The interest rate was up to about 30% or more.
I didn’t know what to do. I called my brother in law and asked him if he could refinance our mortgage and help us get out of debt. Lucky for us, he was able to do that and got a great deal on a loan for us. We didn’t have great credit, but he was able to help us lower our monthly payment, increase the amount we were paying off, and shorten our loan to a 15 year loan instead of a 30 year loan.
And it was a good thing he did it when he did. The market changed and banks started shutting out people like us. If we were to apply for the same loan today, we would be denied, I’m sure.
But that’s not the end of the story. There was so much more that happened…
But, that was the first step on our road to discovering the ultimate plan for getting rid of debt quickly. To find out the rest of the story, subscribe to the RSS feed for this blog and read what happened as it’s posted.
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If you've ever wondered, "How Do I Get Out of Debt?" you're not alone. In this crazy economy, people are faced with rising credit card interest rates and minimum payments and lowered credit limits. With the cost of living increasing and wages staying the same and people losing their jobs, it's hard to see the light at the end of the tunnel.
Don't lose hope. We've got a plan that can help many people to lower their debt in incredible ways. 
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