If you have credit card debt, you know things about it that most other Americans without debt have no idea about. I’m writing this article to get the word out about some lesser known facts about debt and credit card companies in general you probably don’t know. Fact: $9,700 in credit card debt is average for an American. Yes, that’s the correct amount of zeroes. Most American’s owe credit cards companies up to or even more than $10k.
If you have a lot of credit card debt, and you make the minimum payment each month, you will never pay it off. It is intentionally designed this way by credit card companies. They want to keep you in debt – that’s how they make money. Don’t trust them when they tell you that your debt will be paid off soon. They are simply lying to you so that you keep making those payments each month.
Fact: This is was purely intentional. Credit Card companies actually designed it this way. If you stay in debt your whole life, you have to continue paying them your whole life. At any point they can also repossess your entire life’s work, including your house and car. This can be a huge burden on anyone with a family.
Credit Card companies are not your friend when it comes to helping you get out of debt and they do not care about how you repay your debt, as long as you do. They don’t want to help you, they don’t care about you, nor do they care that you can’t even make your minimum payment each month. They just want their money, and will never stop pestering you until they get it.
There are tons of ways to get out of it, even with a credit card company watching your every move! Just contact your local finance office, or even your debtors directly to see if they have any information about how you can lower your debt, or negotiate to get your interest rates lowered!
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Source: Debt
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