Credit Guide

A newfound study has concluded that consumers have increased their debt by 3.6% last year after increasing at 8.6% in 2004. Over the same two-year period, minimum monthly payments have increased by 10%. Experian's "National Score Index" also found that the number of late payments increased by nearly 20% between 2004 and 2006. The "Index" is based upon a nationwide analogy of the millions of consumer credit profiles. These figures exclude mortgage debt.

Card Consolidation Credit Debt In February of 2004, the average debt was $10,371 with average credit card payments of $489.00.

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Credit Union In February of 2005, average debt from credit cards rose to $11,261.

Over three million females admit to not telling the truth about their credit card balance, research has found.

Merchant Credit Guide Co In February of 2006, average debt from credit cards rose to $11,669.
Source: Experian's National Score Index

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Apply Online For Credit Card These are simply that-averages. Most people have much more credit card debt than the listed $11,669.

Check the fine print in your credit card terms and conditions. Many credit card companies reserve the right to raise your interest rate if you make a late payment to other creditors, not just to them. The theory is that if you're late on other payments, you're a higher credit risk. The truth is that this is just another revenue stream for credit card issuers. The solution Pay all your bills on time.

By Card Credit Debt Debt Guide There is a logic behind all of this madness and it is both disturbing and threatening. Should you be late 3 days on one credit card, it will be listed on your credit file as being 30 days late. That is the format that the credit bureaus use to categorize tardiness. If you are 31 days late, that card will be disclosed as being 60 days late and so on. You get the general idea.

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Credit Repair Now for the disturbing part. While you are late on one credit card, the remainder of your card companies are monitoring your credit file on a daily basis. When they see that you have been late on one card, they can and will raise your interest rate to whatever they choose. This is perfectly acceptable, as they were the largest contributor to the last political campaign. Notice that I did not say that it was legal, only acceptable.

Active Credit Credit Guide You see, credit card companies want you to be late, either with them or someone else. It makes them a lot of money in the long-run. With the new bankruptcy laws that went into effect, you will be bankrupt before you are ever even able to file bankruptcy. And, after you do file, you will have to pay (out of your pocket) to attend credit counseling classes. In these classes, the credit counseling agency will basically decide whether or not you are a candidate for bankruptcy! If you are a candidate, you can stand to lose everything. If you are not a candidate (according to the credit counseling agency), they will take control of your paycheck and they will pay your monthly payments late. Your credit file will be ruined anyway. You just won't have a bankruptcy listed on your credit file. In effect, you will become a surf for the kingdom.

Credit Score The reason that you must first undergo credit counseling is a known fact that is hidden in plain site. The credit card companies own and rule the consumer credit counseling agencies. They advertise themselves as being non-profit, but they actually work for the credit card companies. Everything in the financial world is linked together, whether it is linear or not.

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