Suite101

Get out of Debt!


© Cara Lange

Mar 28, 2002


Ol' Mick had it right. You can't always get what you want. So why do we think we need things that we know we can't afford? Are material things are so important that many people steal from the future to pay for the present?

Yes, I'm talking about debt. Specifically, debt in the form of a slim, pretty colored plastic card. According to RAM research, a credit card tracker, Americans charged up more than $400 billion last year on their cards. Now don't get me wrong, our economy runs on just these sorts of transactions, and that's good and fine, but why do so many people keep huge balances - balances that had an extra $50 billion dollars in finance charges added to them in the last year alone. Eeek! You can buy several small countries for that. Or a Fortune 50 company, with change to spare.

Currently, there are well over one billion cards in circulation - several for every man, woman, child in the U.S. The average balance? $5,800 - carried from month to month, paying an average of 18.3% interest. Ouch! That's almost $1000 a year that you'll never see. Gone. Vanished.

The big boys in banking are counting on you not to do the math. To be blind to the truth. Why work only to pay off your credit cards? There are ways out of this cycle, and places to turn for help. Take control back! Get smart to the scam! Here's a couple of great places to start:

http:\\www.consumercredit.com - American Consumer Credit Counseling Service - this can give you a start on figuring out what your game plan for getting debt-free is.

http:\\www.bbb.org - the Better Business Bureau - Yes, getting out of debt is almost as big a business as getting in debt is. A credit counseling service can save you or sink you. Protect yourself. Check them out first.

Have you been in debt and managed to pull yourself up from under your debt? Or are you looking for more feedback on specific ways to help you get out of debt? I'd love to hear from you! Write me at mailto:cara410@suite101.com!

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Here's the follow-up discussion on this article: View all related messages
6.   Apr 3, 2002 5:33 PM
In response to message posted by patricia_wiles:

Hi Patricia!

Oh, that's a new low, I think! It's amazing what they think t ...

-- posted by cara410
5.   Apr 3, 2002 7:29 AM
Hey Cara!

Great article, and I love your site! My two college-age daughters went to a Kenny Chesney concert a few weeks ago, and there was a table set up in the arena where free CD's were offered. ...

-- posted by patricia_wiles
4.   Mar 31, 2002 4:43 PM
In response to message posted by mom2seven:

Yeah, Debbie - me too! It's always nice to know that you won't be adding high inte ...

-- posted by cara410
3.   Mar 31, 2002 3:11 PM
I am going to check your other articles as well. I found this one to be very interesting. I too, think that credit cards can just be too handy. I like my check debit better.

Debbie ...

-- posted by mom2seven
2.   Mar 29, 2002 1:12 PM
In response to message posted by Tina_Coruth:

Hi Tina,

Oh, tell me about it! I got stuck in this trap when I was in college. ...

-- posted by cara410



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