Program & Services

Are You In Credit Card Crisis?

Get a sinking feeling when you think of your credit card bills? You are not alone. The average American owes $8,523 on his or her credit card. Personal debt has gone up by 123 percent during the last 10 years. Ask yourself the following questions to see if you are in over your head:

• Do you avoid bill collectors by not answering the phone?
• Do you ignore bills because you can't pay them?
• Do you pay for other charge cards, food or utilities with credit?
• Is more than 20 percent of your net income going to paying off debt?
• Do you regularly bounce checks?
• Have any creditors closed accounts?
• Do you skip some bills every month?
• Do you make only minimum payments on credit cards?

Did you answer "yes" to any of these questions? You may have too much credit card debt. High interest rates and finance charges can quickly end the benefits of credit. Experts say to payoff these cards, you need to look at your budget and try to lower your expenses, increase your payments and don't just pay the minimum each month. Ask the credit card company to lower the interest rate. If your debt is out of control, stop charging now. Feeling stressed over credit card debt is natural, but with commitment, you can turn the crisis around.