All across America, people are suffering financially due to the pandemic we are in the midst of. Many folks have lost their jobs and businesses have been forced to shut their doors. However, there are millions of people who were having problems with credit card debt long before this all began. Now their financial situations have been made even worse.
Wikipedia describes credit card debt this way, “Debt results when a client of a credit card company purchases an item or service through the card system. Debt accumulates and increases via interest and penalties when the consumer does not pay the company for the money he or she has spent.
The results of not paying this debt on time are that the company will charge a late payment penalty (generally in the US from $10 to $40) and report the late payment to credit rating agencies. Being late on a payment is sometimes referred to as being in “default”. The late payment penalty increases the amount of debt the consumer has.
When a consumer has been late on a payment, it is possible that other creditors, even creditors the consumer was not late in paying, may increase the interest rates the consumer is paying. This practice is called universal default.”
Dave Ramsey, one of the most famous financial wizards of our time, discusses how to pay off credit card debt in this article. However, for those of you who do not want to be left alone to figure out how to relieve your credit card debt, Small Business Promote suggests you talk to the professionals at Polk Partners. Having someone in your corner when dealing with credit card companies can make a huge difference. In fact, by using a professional you could find that your monthly payment in your relief effort is far less than what you are paying now.
If you would like someone at Polk Partners to help you get rid of your credit card debt, call this number today, 800-224-7292 and one of their helpful credit card debt professionals will lead you through the process of getting started on the road to freedom.