America’s credit card debt has increased from $11.2 billion to $1,022 trillion highlighting the confidence in US consumers. This is the highest record till now. Previously, the country crossed the $1.021 trillion mark in April 2008, just before the recession and the subprime mortgage crisis. In the last one year, revolving credit has increased by $55.1 billion, according to the Federal Reserve and Contingent Macro Research.
According to Equifax, the delinquency rate on store credit cards has crossed the 7-year record. Accounts with 60 days delinquency rates are 4.65%, up from 4.08% in March 2017.
The situation is grave.
The high figures indicate bigger troubles for household debt in the near future. If your debt problems have increased in the last few years, then you’re in the danger zone. It’s high time you take steps right now.
If you’re in debt problems but think it’ll be too tough to get out of debt, you’re mistaken. You can get a lot done by the end of the day by taking a few solid financial steps.
It’s possible to fix your debt problems by the end of the day. The trick is to break problems into small and manageable pieces and you’ll be surprised to see that there are many things you can do. It’s all about taking the right steps.Here are the 4 simple steps to resolve your debt issues today.
Access your credit report online and check your credit score. A good credit report can help you obtain loans and lines of credit easily. Plus a credit report can show you all your outstanding loans and debts. It gives you a clear idea about your financial life. Note down the debts you have on a paper so that you can start resolving them in the next few hours.
Check the statute of limitations (SOL) period on all your debts. The statute of limitations period is the time limit within which creditors can file a lawsuit against you for unpaid debts. If the time limit has crossed or expired, then creditors or debt collectors can’t file any lawsuit against you. In that case, you can ignore the debt. It will end your debt problems immediately.
Debt consolidation takes your debts together and then combines them into a single monthly repayment plan. It helps to reduce your interest rate and monthly payments.Types of debts you can consolidate
It just takes a few minutes to search for a good online debt consolidation service. Just type ‘online debt consolidation’ in Google, and you’ll get the name of the top companies in your state.
Browse the websites of the top debt consolidation companies. Choose a company that has a proper accreditation and a reasonable fee structure. Complete the sign-up process and fix your debt issues within a few minutes.
Debt settlement means paying a lump sum to the creditors and getting rid of outstanding bills quickly. This could lower your payoff amount and waive off fines and penalties.
Just like consolidation companies, you can search a good debt settlement company online. Just type “best settlement companies in state name” in Google to get the region-specific results. For instance, if you live in Texas, then your search query should be “best debt settlement companies in Texas”.
Once you get the list of debt settlement companies, you can compare their services and choose the one which has the highest success rate.
Credit card interests eat up your savings fast and increase your debt. You can negotiate with the credit card issuers, for a lower interest rate, over the phone. Just tell your creditor that other credit card companies are giving better offers to you. Most times, credit card companies will look up your accounts and around half the time they’re going to give you a better offer.
There are a few apps that can do the job for you. They check and evaluate your bill information, and then make the call for you.
Are you in debt problems due to illegal payday loans? You’re not the only one. I get innumerable questions on how to deal with illegal payday lenders in forums every day. There a few ways to deal with this particular problem. Just call 800-530-6854 to get an instant solution.