All About Debts

report finds

Debt Help Source: Cambridge Consumer Credit Index

If you are one of the millions of Americans struggling with debt from credit cards and other loans, you already know the importance of getting debt off pay quickly.

Counseling Debt Forty-Two Percent (42%) of Americans are making minimum or no payments on their credit card balances, according to the Cambridge Consumer Credit Index.

Consolidation Consumer Debt Visit our AXcess News Forum and add your comments on this story. Try your hand at writing, the best story will be published on our news network. Take our business poll too!

Credit card and even more so Store card interest are set at exorbitant rates for one reason alone, companies make their money from the consumer’s inability to settle their card balances. Credit card debt is unsecured, whereas other debt like your mortgage is secured (your home acts as security against your debt). With credit card debt, there is no backing security, which means that credit card debt is high risk for banks and hence the high interest rates

Debt Settlement Print This Page

We have many payment methods for you to choose from, and are adding more all the time. We accept Visa, MasterCard, American Express, and Discover credit cards, as well as Pay Pal, Checks, or Money Orders. Credit Cards We currently accept Visa, MasterCard, American Express, and Discover. You will be required to provide your name, credit card number, expiration date, and the CW number on the back of your card. Amex appears on the front of the card.

Debt Free March 7, 2004 (AXcess News) Islandia NY - Over four out of ten Americans (42%) are making just minimum payments or no payments on their credit card balances, according to the Cambridge Consumer Credit Index. Of those respondents surveyed with revolving balances on their credit cards, 39% made only the minimum payment due and 3% made no payments at all last month. Another 39% paid less than half the balance owed but more than the minimum, while 19% paid more than half their balances. In 2003, 46% of Americans surveyed paid just the minimum (40%) or made no payment at all (6%).

- Offers debt consolidation for those in credit card debt

Consolidation Debt Service The Cambridge survey also asked Americans who are taking on more debt why they are doing so. 49% of the respondents (up from 44% in 2003) said they are adding debt because they don't have the funds to pay for the purchases in full when the credit card bills arrive, while 51% of Americans (down from 56% in 2003) are taking on debt because they are confident of their ability to pay the balance off in full.

Company Consolidation Debt Overall, 39% of Americans paid off their credit card balances in full last month (down from 43% in 2003), 32% extended their payments (up from 31% last year), while 29% did not use credit cards at all in the last month (up from 26% a year ago).

Consolidation Debt Online "The results of the Cambridge Consumer Credit Index wildcard question show

Consolidation Debt Free Americans are dramatically split between the haves and have-nots. The haves either don't use their credit cards at all or feel secure about paying off

Debt Problem their credit card bills when they arrive. The growing number of have-nots, however, are being forced to borrow to pay for their daily necessities, and are getting deeper into debt since they are just able to make minimum payments or sometimes not even able to make any payments at all," says Jordan Goodman,

Credit Debt spokesperson/financial analyst for the Cambridge Consumer Credit Index.

Advice Debt According to Chris Viale, Chief Operating Officer of Cambridge Credit Counseling Corp., "It is discouraging to see that a greater percentage of consumers are taking on debt even though they can't pay their credit card bills in full. This can only lead to higher accumulation levels of debt since these people wind up paying more towards interest than the outstanding purchases on their bill. We recommend that people take a hard look at their spending habits and prioritize wants vs. needs. It is possible to create a realistic budget and trim spending so that you can live within or even beneath your means - but it takes commitment."

Card Credit Debt Eliminate These findings are the result of monthly nationwide telephone poll of 1000+ adults conducted by ICR/International Communications Research in the past week, sponsored by the Debt Relief Clearinghouse.The overall Cambridge Consumer Credit Index rose in March to 59, six points higher than in February. The Index rose in two of its three component questions. The "Reality Gap," which is the difference between the amount of debt consumers say they will pay off in the next month versus the amount of debt they actually paid off a month later, increased to 12 percentage points from 7 points in February. A month ago, 85% of Americans planned to pay off debt, while a month later 73% actually did so.

Debt Recovery AXcess News will be reporting on any new market trends related to this story. Members should watch their in-box for late breaking news. If you're not a member, consider joining now. Members get the latest business news, commentaries and stock picks delivered right to their in-box.

[ Comment, Edit or Article Submission ]