According to debt.org, 160 million Americans have credit cards. The average card holder has at least three credit cards, and on average, each household carries more than $15,000 in credit card debt.
An article by whnt.com news, highlights a website called powerpay.org. It’s a software program that calculates how long it will take you to pay off credit cards. It shows you what you can do with “power payments.” Or if you want to pay off one credit card at a time, doing the Dave Ramsey snowball plan.
The article quotes “Get out of Debt Guy”, a blogger who posts all kinds of debt advice and information about legal settlements. He says the worst thing you can do is a credit card consolidation loan. Your payments are lowered initially, but you pay a lot longer and at a higher interest rate. Plus, additional fees are added in.
If you are struggling to get out of credit card debt, consider debt settlement, a positive alternative to debt consolidation. You can get out of debt entirely for a fraction of what is claimed due. It does not involve a higher interest rate or additional fees.