Several sources indicate that only a little over one-third of all cardholders pay off their balances every month. That means that debt payments have an extra-heavy impact on the 64% of cardholders who carry balances. The rising level of credit card debt is often cited as one of the major factors in the rising U.S. personal bankruptcy rate. Numerous theories have been advanced to explain the increases, including aggressive marketing by credit card issuers and a lack of discipline on the part of consumers.
Most people do not realize how much money they are paying their credit card companies each year. More so, they never realize how long it would take them to pay off their debt by just paying the minimum payment due
Some credit card companies charge "compounding" interest (Learn more)
All of our HELOC's and closed-end home equity loans charge "Simple" interest (Learn more)
One of the most effective ways to eliminate your current credit card debt is through a fixed rate Home Equity Loan.