Those who have lower income had the largest increase when it comes to credit card debt. Compared to the 28% increase in credit card debt among high-income Americans, those who have lower income increased to 184%. This credit card debt fact is very alarming. 39% of the students who have credit card debt graduate were unable to pay off their debt and would need to pay more than 8% of their monthly income for their credit card debt. There is even an increase in credit card debt among the older people. In fact, it has increased by 89% from 1992 to 2001. Seniors between ages 65 to 69, which is the age of retirement, had an increase of about 217% in credit card debt with an average balance of $5,844. Most of the seniors who have incomes under $50,000 are in debt hardship. About 40% of their income is used just to pay debts, not just credit card debts but other debts as well.
Need more facts about credit card debt? The revolving credit also increased from $54 billion in January 1980 to $753 billion in January 2004. Most of this revolving credit is from credit card debt. One-twelfth of this debt was paid off before incurring interest which means Americans pay interest annually of about $690 billion in revolving credit.
If you’ve understood what these facts imply, then you would agree that many of us need credit card debt help. Paying just the required minimum payment may not be enough. It would only take you longer to pay off your debts. And there’s always the possibility that your current interest rate would increase. Thus you would need to pay off your outstanding balance as soon as possible. So instead of just paying the minimum amount, it would be better if you pay more and if possible, double the payment. You can find a lot of tips regarding handling your credit card debt. You will find some which are very useful. Paying off all your credit card debts would mean you will have fewer things to worry about. And hopefully in the future, you will be able to pay off all your other debts.