Credit Card Traps Keep You In Debt Forever

Credit Card Traps Keep You In Debt ForeverCredit Card Traps Keep You In Debt ForeverAuthor: Tiffany Nelson Are you like the average American carrying around $10,000 in credit card debt? Did you know that by making just your minimum monthly payments it will take you 40 years to pay that amount off? If your total debt is more than the average, it could take 50 or even 60 years to pay off! Credit Companies know how to trap you and keep you in debt forever! Every time you swipe one of your credit cards someone else is getting rich! Credit companies made $70 Billion Dollars last year on the interest charged to card holders. That's right, BILLION not million! It's outrageous! They know that they will continue to make billions even with the economy failing because we use one card to pay the minimum on another card and the cycle continues. The government has finally stepped in and has begun to put limits on the interest credit companies charge. Unfortunately those limits aren't changing your current debt! If you fall even one month behind they hound you like you were some kind of dangerous criminal! They call at all hours of the day and night, even weekends! It can get to the point that the mere sound of a phone ringing can send you into a cold sweat! Credit Card debt is the cause of 90% of the bankruptcies filed in America. People just can't take it anymore and don't know any other way out! Money is tight so you think using your credit card will buy you more time to pay off the things you need.

Credit Card Traps Keep You In Debt ForeverHowever, the reality is just a simple $100.00 purchase could take 5 years to pay off! The interest just keeps accumulating.

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