subject: Do You Have Bad Credit Card Debt On Your Record? [print this page] What is the status of the American economy today? That depends on who you are listening to, some will say we are down and heading lower. Others will say the worst is over and we are on the way back up. The reality is that we are in a time of economic struggle according to the news media.
For most of us, regardless of the indicators, times are still tough. Money is still tight. Prices are still going up and wages are not. Joblessness may be on the decrease, but for those who have lost their jobs, relief is still a long way off.To add to the general effects of a depressed economy, millions of Americans are burdened with massive amounts of credit card debt. Many with balances of $10000 or more, which is very common today.
There are lots of reasons why credit card debt levels are so high. Easy credit and misleading credit card offers contributed to the charge now and pay later mentality of recent years. The availability of products and technology that seemed worth putting it on the plastic' helped fuel those big balances. Even the economic downturn had it's part, as many families felt the need to supplement their monthly budget with their credit cards.Now, with the market still in the slumps and wages down and staying there, paying off those credit cards has become an impossibility.
The stimulus package passed by President Obama can be a lifesaver for many of these individuals. Those who have $10,000 or more in credit card debt can have all or some of the credit card debt eliminated. This will free up money to cover basic living necessities. Those who qualify will find this to be a fantastic program for getting your life back on track.
Once you get your finances back in order, thanks to the stimulus package, it is important that you take care to keep them that way. The only want to guarantee that you will never end up in debt again is to make sure you pay all of your bills and make all of your purchases with cash. Do not use credit cards unless you have an absolute emergency.
