Relieving Credit Card Debt
Account holders can request a reduction in their annual percentage rate (APR). A survey conducted by the U.S. Public Interest Research Group in March 2002 found that among its fifty participants, including people of all credit backgrounds, who contacted their credit card issuers, 56 percent received a lower APR. On average the percentage went from 16 percent to 10.47 percent.
Due to the start of the Great Recession in December 2007, multiple credit card debt relief options became widely popular for consumers living in the U.S. with unsecured debt totaling over $5,000.
The various debt relief options available in the U.S. include:
-
- Debt settlement
- Debt consolidation
- Credit counseling
- Chapter 7 bankruptcy and Chapter 13 bankruptcy
Although each of these debt relief options deals with credit card debt specifically, they are also able to deal with other types of debt including personal loans, medical debt, accounts in collections and more (depending on the specific program type). Still, these programs have not been enough to help enough Americans get out of debt, resulting in a government call-to-action by economists for a massive debt bailout.
Read more about this topic: Credit Card Debt
Famous quotes containing the words relieving, credit, card and/or debt:
“Of all the animals with which this globe is peopled, there is none towards whom nature seems, at first sight, to have exercised more cruelty than towards man, in the numberless wants and necessities with which she has loaded him, and in the slender means which she affords to the relieving these necessities.”
—David Hume (1711–1776)
“My credit now stands on such slippery ground
That one of two bad ways you must conceit me,
Either a coward or a flatterer.”
—William Shakespeare (1564–1616)
“What is the disease which manifests itself in an inability to leave a party—any party at all—until it is all over and the lights are being put out?... I suppose that part of this mania for staying is due to a fear that, if I go, something good will happen and I’ll miss it. Somebody might do card tricks, or shoot somebody else.”
—Robert Benchley (1889–1945)
“This is the debt I pay
Just for one riotous day,”
—Paul Laurence Dunbar (1872–1906)