What You Must Know About Your Credit Cards!

There are many credit card debt facts that you should know, but we are going to cover the most important ones to help inform you of what you are facing. Those with these types of debts know the crazy amount of stress that comes along with knowing you owe someone money. They are like loan sharks and they are no fun to deal with. Here are some of the things you need to know about these debts.

1. They are negotiable

The first of the credit card debt facts that you must know is that most of the time you can negotiate with the creditors that you owe. The older the debt is or the more late fees you have been charged the better. This leave you more room to negotiate. Usually you can cut a credit card balance in half by agreeing to pay it off in full or use three payments over three months to do so. This is one option to try.

2. They will not go away with minimum payments

The second of the credit card debt facts that is necessary to know is that if all you pay is the minimum balance due you will never get rid of them. Did you know that a $1,000 credit card balance will take you nearly 25 years to pay off if you pay only the minimum payment. This is insane and the problem is that you are going to pay well over $5,000 to pay off $1,000. This does not seem right, but it is very true.

3. You can get help

If you are not sure you can handle all your debts on your own and you want help dealing with them, then you can get it. If you have $10,000 or more in unsecured debts, then there are many consolidation companies that will work with you regardless of your credit. They will provide you with one payment to cover all your debts and they will help you pay them off within about 3 years or less.

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