Credit Card Debt

The average American has around $8000 worth of credit card debt. The average interest rate on these credit cards is over 18%

At that rate, your minimum payment will be around as much as $200 a month. It would take 30 years to clear this debt by just paying the minimum payment. You would incur interest payments of $11,615 - that means that in the long run you would actually be paying your credit card companies more than double what you actually owe now.

Many people want to reduce their debt sooner but can't afford to pay more than their minimum payment each month. So, what is the secret to credit card debt elimination?

If you want to reduce your debt more quickly, without having to pay more per month, the best way may be to reduce your interest rate. By reducing the interest rate in our example by just 3 percentage points to 15%, our average consumer with $8000 of credit card debt would get out of debt over 5 years sooner. The amount of interest paid would also fall from over $11,000 to less than $8,000 - saving over $3,000.

The lower you can get your interest rates, the greater the effect and the less time it will take you to pay off your debt. This is where debt counseling can come in. Here at Debt Away, we specialize in debt counseling and management.

Debt counseling involves worknig with a debt counsellor. They will deal with your creditorsfor you, ensuring that you get the lowest interest rates possible. This way you won't have to take out a new loan which could put your home at risk.

Not only can debt counseling help you eliminate your credit card debt more quickly, it may also allow you to reduce your monthly payments. This means that you could have more money left each month to spend on other things.

Speak with a debt elimination specialist today to get a no commitment quote and see how much you could save each month and how quickly you could be out of debt.