How bad credit card debt can really get
Every year, there are thousands of Americans who struggle with credit card debt. Many rack up thousands of dollars on their card and then struggle to pay off their debt because of rising interest fees. Others are forced to use a credit card for medical reasons but have no way of paying off the debt later. Regardless of how much they owe, though, they all have a story behind why they accrued so much debt and how they’re having trouble paying it off. If you’re having trouble with credit card debt, it’s helpful to know that you are not alone in your struggles. Keep reading to hear several stories about people who have gone through horrible experiences with a credit card. And then consider a consolidation loan if you’re going through a similar experience. By calling our toll-free number or filling out the simple form here, you can start saving money and paying off your debt quickly and easily.
Dealing with your credit card debt
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Credit card debt can be unbearable. Learn more about the realities of credit card debt and just a few of the horror stories that can come along with it.
The naïve college student goes for broke
When many people think about credit card horror stories, they think about college students who run off to college and get their very first credit card as a freshman. Despite the fact that the warning seems to be everywhere at the beginning of a new semester and parents tell their college-aged children about the potential dangers of a credit card, young adults don’t always listen. In this particular story, a freshman in college stumbles upon a booth in the campus cafeteria that is offering a free T-shirt to any student who signs up for a credit card. Seems simple enough, right? After all, the student doesn’t actually have to use the card—he or she just needs to sign up for it. But giving a college student a credit card can be a nightmare. For most students, cash is low because they don’t have much time to work due to their class schedules. So credit cards get used for everything, including meals, movie tickets and, in this case, clothing. Before he or she knows it, they have racked up tons of clothes and literally racked up tons of debt. It’s also a terrible way to start your credit history, as many students don’t have credit and immediately start out by spending a large portion of it.
You’re not alone in credit card debt struggles
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Increased interest rates increase one man’s debt
Like many Americans facing the economic hardships of a recession, Ned from South Florida has a similar story to share. He once made about $200,000 per year and was living the good life. But a series of personal hardships forced him out of his line of work and into a more blue-collar salary. Not to mention he was also unemployed for a long period of time. Safe to say, he’s racked up his fair share of debt over the last decade. And now that he’s employed, he wants to pay off his debt. But his credit card company is charging over 30% interest on his debt. By setting the rate so high, they have essentially made it impossible for him to pay down his debt in any reasonable amount of time. Because of this, he’s become frustrated and found it hard to believe that the credit card company he uses will not budge at all and reduce the rate drastically. So Ned continues to plug along and hopes that one day his debt will be paid off—or that the credit card company eventually budges and allows him to get a much lower rate.
One “late” payment hurts this couple
Regardless of how good you are with your credit card and how timely you are with your payments, you’re likely to encounter a problem with your card at some point. Here is the story of a couple that obtained a credit card with a 0% introductory fee in order to pay down preexisting debt. They made payments on time every month and even paid above and beyond the minimum monthly payment. But eventually, the situation turned into a nightmare when the wife made a payment early and the credit card company mistakenly didn’t credit it as a payment towards the next month’s bill. Instead, they marked her as late for her next payment cycle and tried to charge her a fee and hike her interest rate up. After a series of phone calls and reassurances from the company’s customer service reps, she was able to get it squared away. But it proves that even if you’re trying your best to escape debt, scenarios can arise and force a nightmare story on you. Anytime you’re carrying a significant amount of debt around, the potential for a problem is always there.
How you can beat the credit card debt blues
If you can relate to any of these horror stories or you’re simply just trying to escape debt and a story like one of these, it might be time to think about getting a debt consolidation loan. A debt consolidation loan works by taking any forms of debt that you have and putting it all together with one consistent interest rate and just one bill to pay every month. It helps avoid the potential for late payments and also helps you keep better track of your debt over time. By obtaining a consolidation loan, you’ll have the power to pay off your debt and to avoid a horror story about your credit card debt.
Want to consolidate your credit card debt now?
If you have a horrible credit card debt story or if you’re just trying to avoid having one in the near future, it might be time to seriously consider a consolidation loan to help battle your debt. Contact us immediately at our toll-free telephone number or simply fill out the form on our website to get started today. Your story can have a happy ending. Make it happen now!