If you're already dealing with credit card debt, this can be a frightening time of year. Virtually every time you log on to your computer or turn on the TV, you're inundated with ads for everything from pet toys to luxury cars. So how do you avoid going into the new year with even more debt than you already have?
What's the best strategy for paying off (or at least significantly paying down) credit card debt on multiple cards? Where do you start? Two popular strategies are the "avalanche method" and the "snowball method."
If you're in your 20s or 30s and dealing with a significant amount of credit card debt, you're not alone. A study just published by Morning Consult and Business Insider found that over 51% of millennials (defined as people between 23 and 38) have credit card debt. The survey polled almost 2,100 people of all ages about their earnings, debt and overall financial situation. Of those, 670 were millennials.
Debt collectors can be persistent and intimidating. Sometimes, they lie. Receiving a call from one can make you flustered and nervous.
These days, you can purchase just about anything online from the comfort of your bed, sofa or anywhere you happen to be. You don't even need your computer. Just a few taps on your phone can get a package delivered the following day from Amazon. The ease of online shopping has caused a dramatic increase in impulse purchases.
You might believe you're handling your credit card debt. However, what happens when another recession hits? Some experts are warning that the next one could begin as soon as next year. Whether they're right or not, it will happen eventually.
Many people feel like they'll be in debt until they die. Indeed, nearly 75 percent of people die with some debt. Let's look at what happens to your debt when you're no longer around.
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.