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:
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- 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)
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—Ralph Waldo Emerson (1803–1882)
“In the game of “Whist for two,” usually called “Correspondence,” the lady plays what card she likes: the gentleman simply follows suit. If she leads with “Queen of Diamonds,” however, he may, if he likes, offer the “Ace of Hearts”: and, if she plays “Queen of Hearts,” and he happens to have no Heart left, he usually plays “Knave of Clubs.””
—Lewis Carroll [Charles Lutwidge Dodgson] (1832–1898)
“Man’s pity for himself, or for his son,
Always premising that said son at college
Has not contracted much more debt than knowledge.”
—George Gordon Noel Byron (1788–1824)