Credit Card Debt Fact

In the past year, Customers who access their credit cards in restaurants spend up to 50% more as compared to customers who pay off with cash. And more than 60% of Americans have been 30 days late in paying their credit card bills. To make the procedure simple and easy to understand, we have included a few basic credit card debt facts. Late fees and minimum payment of balance on credit card can result into bankruptcy.
Credit Card Late fees
If you are a day late while making your payment after its due date, the resultant rate of interest will rise, and the credit card company will trouble you again for the payments. Credit card late fees can range from $10 to $39 or even more depending upon the credit card company. A late payment can result into a rise in the rate of interest. In this situation you may have two choices either you go for credit card bill consolidation or you select credit card settlement program.
How I Get Out Of Credit Card Debt?

Stop using credit cards altogether. When I first started my journey to be debt free, I would only pay for things with cash. It is amazing how easy it is to slide the plastic, it does not feel like real money. This is a big reason why teenagers and college aged kids get into so much financial trouble. When you pay with cash, you see the cash go bye-bye and it makes a big impact psychologically. I kept a credit card in my wallet with a small limit for emergencies only.
Stop living for today only. I fell into the trap of consumerism where I felt I had to have it all and failed to consider my long term financial peace of mind. I had to have the newest DVD player and the newest clothes. Finally, I made a vow to enjoy what I had and forget about the rest. This mind set was one of my keys for success. None of that other stuff will bring me happiness in the long run. Any happiness that accumulating things gave me was very short lived and quickly faded away into the sunset of 18% interest rates.
Find some extra income. I picked up a 2nd job at The Home Depot and worked there 24 hours a week, mainly weekends. The extra income always went toward paying off the credit cards. Plus, there was a nice side effect of this job; I was always so tired I never had the energy to go and waste money on stuff. Other options are starting an ebay business or picking up some moonlighting work. If you are going to be successful in getting out of debt every dollar counts.
Create a budget of needs. Needs are shelter, food, heating, you get the idea. Once you figure out what your needs are then get rid of all the other crap. I just wrote a post called Top Credit Card Myths And Be Smart With Your Card, it is amazing how to be smart with your credit cards. Whether it be stops at Starbucks all the time or memberships that we seldom use, you can reduce a lot of costs by cutting these out of your monthly budget. Use the extra savings to pay off your debt. I can say from personal experience that this really does work.
Stay the course. I can remember having many set-backs on my journey to be debt free. Car needed new tires or the washing machine broke, but it was important for me to realize that getting out of debt was a marathon not a sprint. I knew that if I stayed focused on the prize nothing was going to stop me. As anyone who has come out of debt can tell you, the peace of mind and serenity that living a debt free live brings you is well worth the ride.
Last but not least, hope this posts can really help you to get out of credit card debt.
Regards!