Presented by Daniel Toriola
Credit cards are very useful. Normally there is no requirement of any collateral, and the amount of credit is fixed
on the basis of the perceived creditworthiness of the primary holder, which is usually dependent on the
person’s credit score.
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Consolidate, Before It's Too Late.
By David Riewe
Credit cards have revolutionized the purchasing experience since Diners Club released the first
credit card in 1950.
It gave consumers limited credit that, at times, even surpassed their own personal savings. It allowed
them to buy items they cannot usually afford with a straight cash purchase. It also provided the
convenience of not needing to carry wads of dollar bills.
Thus, on the average, American households possess 4 credit cards or a total of 13 payment cards
including debt cards and store cards aside from credit cards. There are, actually, 1.3 billion payment
cards in circulation in the United States.
But if you think that credit cards have made the lives of modern American consumers easier, think
again.
Statistics show that the average credit card debt for each household per month is $4,800. This lead to
1.3 million credit card holders declaring bankruptcy in 2003.
And if you still consider yourself unaffected by this, then consider this one: upon retirement, most
Americans can only expect to receive about 37% percent of their annual retirement income because of
debt payment, leaving them to depend on the government, family and charity.
That’s scary. So before you find yourself in the same situation, it might be time to evaluate your credit
card debt.
One way of resolving debt that you might consider is credit card consolidation.
So what is credit card debt consolidation?
In a nutshell, credit card consolidation is taking all your credit car