While it has never been easier to get a credit card today, it has also come at a very high price. Many Americans could use credit card help as debt is rampant and shows no signs of improving soon.
For most people, it’s become accepted to spend more on your credit cards every month than you make in income. Regardless of the reasons why, this instant financial gratification is destroying the finances of many families.
So, what do the majority of people do when they spend more than they make? They make the minimum payment on their credit card. While this may have become an acceptable habit, there are many reasons why it is a bad idea and they should seek credit card help.
With the standard minimum payment of 4% being charged by major credit card companies, it will take several years to pay down a debt. Why? Because you’re also having to pay an average of 18.9% interest on the credit card balance to boot.
Making the minimum payment each month is like being caught in the hamster wheel constantly running, but getting nowhere. But this situation can be changed with credit card help from the expert counselors at Golden Financial Services.