An Average credit cardholders outstanding balance is $4,400.00. This is up 123% in only a decade, according to the Nilson Report. Personal income rose 72 percent in the same decade period. The government recently reported that personal savings have fallen to the lowest monthly level in history.
HERE ARE SOME TIPS IF YOU GET BEHIND ON YOUR PAYMENTS
* Cut down on your entertainment and recreational spending
* Call your credit card company and and ask if you can work out a personal repayment plan that you can afford
* Don't just think about spending less, make a budget, write it out, hang it where you can see it EVERY SINGLE day and STICK TO IT!
* Look into credit counseling services as a last resort
Under the Fair and Accurate Credit Transaction Act, consumers can request and obtain a free credit report once every 12 months from each of the three credit reporting companies (Equifax, Experian and TransUnion). Go to annualcreditreport.com for this service. It is very important that you type in this address to the browser so that you are not directed to "fishing sites". This website has the strictest of confidentiality and will not use, sell or rent your information.
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