subject: Is Credit Card Debt A Problem? [print this page] Suffering from credit card debt of over $10,000? Want to know some facts about credit card debt? They may highlight some important information regarding you situation. Debts are a curse this country is inflicted with. Debts have serious implications for a person's lifestyle and it has destroyed not only individuals but also entire families.
For the first fact if you are making minimum payments to your credit card company, then you will keep paying them the debt without ever writing it off completely. The minimum payments program is formulated in such a way that interest keeps accumulating every month even though you pay them the money. In this way you still drown in the sea of debt.
Second fact, if you have got this much debt then the interest payments must be really high too, so you really want to make minimum payments to get rid of your debt. Don't be fooled, by making minimum payments you will never be able to pay back the money you owe to the credit card companies. This is how they operate. They design minimum payments in such a way that they are lower than the monthly interest charge so no matter what you pay interest keeps on getting accumulated and your debt keeps on increasing. They could repossess everything you own with that kind of debt on your head.
So we move to fact number three. Do not trust credit card companies. No matter what they say they make money out of you by landing you in debt. They do this through interest and fees. They may claim that they care; well they do care but they care about your money only and not you.
So, now you have been informed about the Bailout program. To avail it contact a government agent immediately and get things working. It has certain qualifications that must be met. In case you do not meet the qualifications you can search many other programs that are running at the moment and provide debt relief.
