If you've got a child going off to college this fall, you'll be interested in -- and perhaps alarmed by -- this statistic: 36% of college students in this country report that they have over $1,000 in credit card debt. That's according to a recent survey by AIG and EVERFI.
If you've got a significant amount of debt, paying off even one of those debts can seem like (and indeed is) a big accomplishment. Whether you've finally paid off a credit card, a car loan or something even larger like your mortgage, you might expect your credit score to increase.
It's easier than ever to put just about any expense on your credit card. You can pay your health insurance premium, utility bills and more with your cards. If you're able to pay off your credit card balance every month and get some free miles on your favorite airline in the process, this may be a wise move. However, for too many people, more places to use their credit card simply means more credit card debt.
If you have a child or other family member who is unable to get the loan or credit card they want on their own, they may ask you to be a cosigner or joint account holder. Before agreeing to do this, it's essential to understand what this could mean for you -- particularly if your loved one is unable to make their payments.
When credit card debt piles up, it's easy to believe that your entire financial situation is heading down the drain. While you're in a tight spot, it doesn't mean you should give up.
If you regularly use your credit card, it's important to closely monitor your statements. While you won't catch a mistake very often, these can occur from time to time.
If you've tried everything but your credit card debt continues to grow, it may be time to contact your issuer to discuss your situation. This is much better than missing payments, hiding from your credit card company and hoping things miraculously improve in the future.
As your credit card debt mounts, you may feel like there's no way out. While this is a difficult spot to find yourself in, there are many ways to escape credit card debt to improve your financial situation.
There is nothing more frustrating and stressful than learning that your credit card account has been sent to collections. This will impact many areas of your finances, including your credit report and credit score.
During your marriage, it's easy to fall into the habit of using credit cards to pay for a variety of expenses. While there's nothing wrong with this, your good intentions can soon turn into a high credit card balance.