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High number of Americans struggle with credit card debt

Falling into a spiral of debt is something that can happen to just about anyone. As many New York residents are likely aware, credit card companies often make it very easy to purchase goods that one may not otherwise be able to afford. While this ease of purchase can sometimes be beneficial to consumers, it can also be a debt trap. When someone falls into a cycle of debt, escaping can seem incredibly difficult, if not impossible. Thankfully, there are options.

Credit card company settles lawsuit with consumers

Credit card companies make their money in a variety of ways. First, they make money by charging high interest rates on the money that they loan. They also charge a variety of fees for using the card, for late payments and for card maintenance.

Retirees dealing with credit card debt

The American dream for retired people used to look a lot different than it does now. In the past, people who were nearing retirement were sent off to enjoy their golden years free of debt or responsibility. Today, this is often not the case. As more New Yorkers are reaching retirement age, fewer are doing so debt free. In fact, Americans of all ages are saddled with more credit card debt than ever before. Furthermore, retirees still have other types of debt including mortgages -- one study claims that 39 percent of houses with an owner between 60-years-old and 64-years-old still had at least one mortgage on their home.

Credit card debt on the rise following recession

Many people may think that the so-called Great Recession that plagued the country starting in 2008 would have caused people to increase their credit card spending. As people lost their jobs, they may have needed credit cards to pay for necessary expenses. However, data has shown the opposite to be true. During the recession, consumers used their credit cards less. Consumers lost confidence and bought fewer luxury goods. Furthermore, credit card companies raised interest rates and tightened lending standards.

Balance transfers and credit card debt

Credit card debt is a big problem for many in this country -- including New York residents. People rely on their credit cards to pay bills, for consumer spending or to pay off medical debt. On average, an American with a credit card holds a balance of at least $6,700. However, many people have much more than that. In fact, balances are particularly high this time of year after holiday spending. Some reports claim that Americans charged as much as $37 billion during the fourth quarter -- which included the holiday spending.

Reducing credit card debt in the New Year

Residents of New York have several things they hope for in the New Year. Some have aspirations of love, more family time and even a new career. One thing that most Americans would like is less debt and more control over their finances. When someone is dealing with financial difficulties, it is often an issue that affects other components of their life. By getting their debts under control, debt reduction could be achieved.

Survey: Only 47 percent of consumers understand their credit cards

It's common that when people enter early adulthood, they start receiving an overload of credit card offers. With an array of new financial possibilities before them, people might even open numerous accounts and start using them for a variety reasons.

Credit card debt a troubling problem

In today's troubled economy, many people in New York and nationwide are experiencing difficulty handling credit card debt. For many, such debts mount up based on accumulating interest and may be a contributing fact to the need to file a personal bankruptcy of either the Chapter 7 or Chapter 13 variety.

Early payoff of credit cards not always a good idea

It is true that credit card debt, particularly debt on credit cards carrying a high interest rate, can be expensive when the balance mounts up. Surprisingly, though, striving to quickly pay off the balance on such cards is not necessarily a good idea under all circumstances.

Handling credit card debt

Lots of people in New York and nationwide have trouble managing credit card debt. Often this, along with medical debt, becomes a major cause of having to seek debt relief through Chapter 7 bankruptcy or Chapter 13 bankruptcy. There are, however, some things to attempt that can help manage credit card debt.

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