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
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—David Hume (1711–1776)
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—Abraham Lincoln (1809–1865)
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—Camille Paglia (b. 1947)