Arizona readers who are carrying the weight of credit card debt may be interested in an article discussing what happens if minimum payments are not made. While there will be bad news for a person's credit, the penalties will not be quite as harsh as some bill collectors may imply.
Arizona residents may be interested in the results of a survey recently conducted by an online credit education company. Results of the survey show that more than 50 percent of those respondents with $20,000 or more in credit card debt believe it is "extremely likely" that they will begin paying down their debts in the coming year. More than 60 percent said it was extremely important to establish a payment plan to keep them on track.
Experian, one of the top-three credit-reporting companies in the nation, released a study exploring how baby boomers in Arizona and across the nation depend on credit compared with other age groups. It found that millennials struggle the most with debt and managing their money.
Like other Americans nowadays, a growing number of seniors living in Arizona face large balances accumulated on multiple credit cards and personal loans that literally increase daily due to high interest. This means that minimum monthly payments to each bank and credit card company often makes little progress toward eliminating cumbersome consumer debt.
When a person in Arizona has a mountain of bills they are unsure how to handle, they might consider debt consolidation. One common question that regularly comes up is the effect that debt consolidation will have on a person's credit. While every situation can vary, certain tips might be able to help a person improve their credit when they consolidate their debts.
Arizona residents may have heard that the investment bank, JPMorgan, was allegedly attempting to push its customers into paying debts that they were not obligated to pay. The Mississippi Attorney General is filing a lawsuit against JPMorgan and accusing it of credit-card misconduct.
According to a recent survey, the top three reasons that people in Arizona and other states file for bankruptcy are credit card debt, having their home foreclosed upon and losing a job. However, credit card debt is by far the main reason that people file, with more than a third of respondents citing this type of debt as their reason for filing.
Arizona residents may be interested to hear about changes in credit card use patterns for Americans in the third quarter of 2013. The third quarter is traditionally when Americans buy items for children going back to school, and the percentage of consumers that fell behind on their credit card payments increased during this time.
Arizona residents who would normally avoid a credit card with a high interest rate may be pulled in by seemingly attractive programs offered by credit card issuers. However, many of these incentives do not live up to people's expectations, and they can make it very easy for people to end up with unmanageable credit card debt. In some cases, people end up so burdened that they open new credit cards to use them to pay the minimum balance on other cards.
Some Arizona residents may be farther from retirement that they think if they have large amounts of debt. While most people believe that having a large amount of money set aside for retirement is enough to be able to leave the workforce, if they have large amounts of debt on credit cards, they may not have enough to retire and keep up with their payments. This can mean that people have to work longer than they expected or that their retirement fund will be depleted far more quickly than they had anticipated.