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Credit Debt Reduction
While many people originally obtain a credit card for “emergency purposes,” a recent study by Money Management International/CCCS found that 7 out of 10 people in the US are actively using their credit cards. And for those who do have credit cards, the average revolving balance is now $3,815 (Gallup Poll, 2003). While racking up that balance is simple, credit debt reduction typically isn’t.
If you have a balance of $3,815 on an 18 percent interest credit card and make only the minimum monthly payments, it would take you more than 21 years to pay off. And that’s assuming you never charge again. Gallup found that typically, the higher the amount owed, the higher the interest rates consumers are paying to the credit card companies, making credit debt reduction even more difficult.
Let trained counselors from MMI help with your credit debt reduction
Your MMI counselor may be able to negotiate a credit debt reduction plan with your creditors to reduce interest rates and stop collection efforts. On our plan, you make one reduced monthly payment to Money Management International/CCCS that is disbursed to your creditors. Best of all, you know when you will be debt free.
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