If you’ve noticed you’re receiving more and more credit card
applications in the mail, there may be a reason for the influx in junk mail.
Freedom Debt Relief Reviews have found that accordingly to a report by
TransUnion, more than 171 million Americans have their own credit card- the
highest level since 2005. Freedom Debt Relief Reviews has also found that the
overall credit card debt in the United States has reached $696 billion in
the first quarter of 2017- an increase of over 7% when compared to previous years.
applications in the mail, there may be a reason for the influx in junk mail.
Freedom Debt Relief Reviews have found that accordingly to a report by
TransUnion, more than 171 million Americans have their own credit card- the
highest level since 2005. Freedom Debt Relief Reviews has also found that the
overall credit card debt in the United States has reached $696 billion in
the first quarter of 2017- an increase of over 7% when compared to previous years.
Some financial experts have called the continuing rise of the
average American debt “concerning,” especially in light of the high
levels of employment that the country is seeing. However, workers are not
earning more, despite increases in inflation and the average price of housing.
Sean Fox, co-president of Freedom Financial Network, stated that “That
combination of factors is creating a crunch that is especially worrying with
the just-announced interest rate hike.”
average American debt “concerning,” especially in light of the high
levels of employment that the country is seeing. However, workers are not
earning more, despite increases in inflation and the average price of housing.
Sean Fox, co-president of Freedom Financial Network, stated that “That
combination of factors is creating a crunch that is especially worrying with
the just-announced interest rate hike.”
Despite rising levels of debt and credit card usage, there is
reason to believe that Americans are using their credit cards more responsibly
since the 2008 credit crisis.
Freedom Debt Relief Reviews has found that though the instances of late payments have increased, Americans
on average have a higher line of credit on average. It’s also likely that the
increased levels of late payments are simply a matter of probability; as credit
cards become more and more ubiquitous, more Americans who are forgetful or who
are prone to overspending will be approved for lines of credits by chance.
reason to believe that Americans are using their credit cards more responsibly
since the 2008 credit crisis.
Freedom Debt Relief Reviews has found that though the instances of late payments have increased, Americans
on average have a higher line of credit on average. It’s also likely that the
increased levels of late payments are simply a matter of probability; as credit
cards become more and more ubiquitous, more Americans who are forgetful or who
are prone to overspending will be approved for lines of credits by chance.
The problem with credit cards comes when people open too many
credit cards at once and are unable to track what the owe on which accounts.
American consumers are being bombarded almost constantly with advertisements
and appealing sign-on bonuses for credit cards; one of the largest factors
contributing to the staggering amount of credit card debt that consumers owe is
card mismanagement. One of the trickiest ways that credit card companies
encourage Americans to open more accounts than they need is through in-store
card offers. Store credit cards, found at nearly every type of retailer from
fashion to home goods, come along with a one-time offer of an in-store purchase
discount- most often advertised by a sales associate at the register to tempt
you into saving before you pay. However, these cards usually come along with high-interest rates and can leave shoppers overwhelmed with cards that they do
not need or want.
credit cards at once and are unable to track what the owe on which accounts.
American consumers are being bombarded almost constantly with advertisements
and appealing sign-on bonuses for credit cards; one of the largest factors
contributing to the staggering amount of credit card debt that consumers owe is
card mismanagement. One of the trickiest ways that credit card companies
encourage Americans to open more accounts than they need is through in-store
card offers. Store credit cards, found at nearly every type of retailer from
fashion to home goods, come along with a one-time offer of an in-store purchase
discount- most often advertised by a sales associate at the register to tempt
you into saving before you pay. However, these cards usually come along with high-interest rates and can leave shoppers overwhelmed with cards that they do
not need or want.
When you have more than one card, it can be difficult to remember
when payments are due, which cards have the highest interest rates, and what
you owe on each account. Missed payments can damage your credit history and
score- 35% of your credit score make-up is dependent upon making on-time
payments on your lines of credit. Thus, Freedom Debt Relief Reviews advises
consumers to seriously consider whether or not they need another card before
opening any new accounts- a sign-on bonus or one-time offer is not nearly as
valuable as a healthy credit score.
when payments are due, which cards have the highest interest rates, and what
you owe on each account. Missed payments can damage your credit history and
score- 35% of your credit score make-up is dependent upon making on-time
payments on your lines of credit. Thus, Freedom Debt Relief Reviews advises
consumers to seriously consider whether or not they need another card before
opening any new accounts- a sign-on bonus or one-time offer is not nearly as
valuable as a healthy credit score.
The bottom line? Smart
consumers should strike a happy medium with their spending and credit usage.
While foregoing credit cards altogether is not recommended and usually does
more harm than good to your credit score, owning too many cards is likely to
lead to more missed payments and a pile of accrued interest. Freedom DebtRelief Reviews recommends that Americans focus on managing one or two cards
responsibly, avoid in-store offers, carefully research interest rates before
applying for a new card, and track their expenses on a daily basis. Effective
money management begins and ends with a healthy budget, so make sure that you
are tracking your spending as well. Using credit cards responsibly will leave
you with a higher credit score and healthier credit history- along with the
things you want and need!
consumers should strike a happy medium with their spending and credit usage.
While foregoing credit cards altogether is not recommended and usually does
more harm than good to your credit score, owning too many cards is likely to
lead to more missed payments and a pile of accrued interest. Freedom DebtRelief Reviews recommends that Americans focus on managing one or two cards
responsibly, avoid in-store offers, carefully research interest rates before
applying for a new card, and track their expenses on a daily basis. Effective
money management begins and ends with a healthy budget, so make sure that you
are tracking your spending as well. Using credit cards responsibly will leave
you with a higher credit score and healthier credit history- along with the
things you want and need!