Average Credit Card Debt

Credit Card Companies basically suck and as long as you are carrying average credit card debt you are at their mercy. They could care less about you, your life or your family when it comes to paying your credit card bill.

All the credit card agreements have a "universal default" clause that entitles them to raise the cardholder's interest rate if he/she misses a payment or is late. This increases your average debt because it most surely will never get paid off. In many instances interest rates can go as high as 29.9% and at the time of this writing, Congress is working on measures to strong-arm credit card companies, but don't for a minute believe it will help you much.

All the credit card issuers review borrower credit reports as a normal course of business and they calculate rates according to risk, but they do so with one goal in mind. They are looking for spending habits, especially as they include negative information. Like spying on your neighbor, I can see these people running to the head of the class with a red circle around your name. Again, this is done so they can raise your interest rates. If you carry large balances, like I once did, get ready for some serious sticker shock when all of a sudden interest rates surge.

If you once carried average amounts of debt, how you pay for this increase is of no concern to them and in many instances you are given no warning–just a monthly credit card bill with a minimum payment due that would choke a horse.

If this happens to you, there are choices. Calling for mercy isn't an option and I've never before heard of a credit card issuer who reversed an interest rate hike. You can pay it or tell them to Bite Me.

If  and when you stop paying on your credit cards, do so intelligently so as not to ruin your life. Listen to me and get creditcard forgiveness without ruining your life.

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