Credit card debt
is one of the worst problems a person can have. Nowadays,
thousands of Americans are struggling with it and many believe
that it is irreparable. Debt just seems to put a damper on everything you do in your day to day
life, food doesn't taste the same, going out for dinner is a
struggle and even buying your kids a few gifts seems like a bit
too much. So, why not avoid getting into debt all together?
Holly Johnson from The Simple Dollar tells us that “Americans
continue to dig a deeper hole when it comes tocredit card
debt
. According to the Federal Reserve and other government
statistics, our penchant for indebtedness means that the average
household now owes $7,281 in credit card debt alone. But here’s
the thing – that average includes even those who carry no debt at
all. So when you take out the households and families that don’t
carry a balance on any of their credit cards, the Average
outstanding balance surges to $15,609.”
This is a very troubling statistic due to the fact that Americans
are burying themselves deeper in debt instead of learning from
their
mistakes.
To avoid these credit card debt mistakes, here is short list of
tips to avoid credit card debt:
1. Try not to
miss any payments
Missing payments
on your credit debt is a dangerous thing to do. Often times, the
first thing people ask when it comes to credit card debt and
missing payments iscan you go to jail for credit card
debt
? Erica Sandberg from Credit Cards dot com gives us a very
straightforward answer,
“If
you're worried about spending time behind bars for not paying your
credit card debt, know that there is no debtor's prison in the
United
States.
However, there are other legal repercussions of which you should
be aware. A creditor can sue you in a court of law, and if they
are granted a judgment, they may be able togarnish your wagesor take
nonexempt property and assets. Living debt free is within every
card holder's capability. The key is to always be aware of charging
and balances, and address credit problems
immediately.”
Even though you can't go to jail should you have debt problems it
is probable that you have big issues to worry about. Your
creditors have the power to sue you in order to seize assets or
garnish wages, so, in essence, these creditors have the power to
take your home and leave you out on the street.
2. Only
charge what you can afford to make payments on
Before you swipe
your card and spend more than you should, think about what you're
doing. Spending more than what you can afford to pay will set
yourself up for problems. Since knowing how much you can afford to
charge on your credit card is something completely subjective it
is important to do some research. Not everyone will have the same
budget, it all depends on how much you spend, your income, your
credit limit and any other credit card balances you may
have.
3. Limit your
number of credit cards
Knowing how many
credit cards you should have in order toavoid credit
debt
is something many people take too lightly. Most households in the
US have multiple credit cards that are used almost everyday.
Taking into account what was said in tip #1, having multiple
credit cards can be difficult to manage and complete payments on
time in hard
times.
Robinspost.com recently talked abouta troubling trend surging among debt
collectors
“The
Federal Trade Commission and a number of other law enforcement
agencies have taken action against 30 debt collectors accused of
deceptive and abusive tactics, including harassing phone calls and
false threats of litigation, arrest, and wage garnishment. Some of
the collectors are accused of knowingly attempting to collect
so-called phantom debts – phony debts that consumers do not
actually owe. Others failed to give consumers legally required
disclosures and notices, or to follow state and local licensing
requirements.”
The more credit cards you have under your name, the higher the
risk of something like this happening to you. It is simple, if you
only have 1-2 credit cards then it should be easier for you to
stay up to date with your credit card debt balances and
payments.
Make a
Budget
Making a budget is one of the most under appreciated aspects of
avoiding debt. When you have a budget, it gives you a clear
picture of what you should spend money on and what seems like
overkill. Making a budget is fairly easy, it takes a short amount
of time and the use of a
calculator.
Start off with your base income, and start subtracting the money
you're spending each month. If you end up with a negative number,
then you know you have to change something in order to save money.
The most important thing about finances is knowing that you cannot
spend more money than what you make. A budget will give you
straightforward answer to the question “where is my money
going?”.
At the end of the day, it's always better to avoid a problem if
you can. The worst thing you can possibly do is ignore the
situation and hope it goes away. This is a serious issue because
you are doing nothing to improve your credit card debt situation.
Notavoiding
credit card
debt
and simply making the minimum payments will not get you very far.
The majority of the cash you pay goes towards the interest rates.
This means that your only providing your creditors with profit
instead of helping yourself out of the debt trap. So before you
decide to swipe that credit card be certain to refer to our these
helpful
tips.
Debt Relief
Options
When people find themselves in deep with their credit card debt
the usually do one of these things listed:
File Bankruptcy (Chapter 7 or Chapter 13)
Debt management program
Debt settlement / Debt negotiation
Take out a Personal Loan
Do Nothing
All but the last are viable options for debt relief. The important
thing to remember is that there is no “one size fits all” debt
relief option. Since every situation the right solution may vary,
thus it is imperative to act swiftly.
Wed, 02 Jul 2025 13:55:00 GMT Ladah Injury & Car Accident Lawyers, a law firm in Las Vegas, analyzed credit card patterns and financial responsibility among all 50 states and concluded Florida was the seventh-worst state in credit ...
Wed, 02 Jul 2025 12:45:00 GMT Another thing frugal people do to get out of debt is to journal daily to spot their own negative emotional patterns. Sure, journaling might sound like a load of bull, however, in the eyes of Han, ...
Wed, 02 Jul 2025 10:55:00 GMT Late credit card payments impact Americans in some capacity, but these areas are dealing with higher rates of delinquency based on data in a recent study.
Wed, 02 Jul 2025 08:25:58 GMT A realtor from Delaware in the US used ChatGPT as her financial advisor to tackle her credit card debt. The AI chatbot reportedly helped her find over $10,000 in unclaimed funds and save nearly $600 ...
The sharply deteriorating global order is adding further complications to Europe’s already challenging economic situation. New tariffs come at a time when economies are grappling with structural transformations in demographics and energy, and amidst increasing security spending needs. Export markets are shrinking, uncertainty is undermining firms’ willingness to innovate, and public expenditure needs are rising. Without a turnaround in growth, Europe’s ability to deliver on its social welfare promises is in jeopardy. If European policymakers were to seize the moment, the region’s growth potential and resilience to shocks could rise substantially.
Published: 28th May 2025 08:21:26 By: IMF
IMF Video: Global and Regional Economic Developments and Outlook
This high-level event that will bring together policymakers, business leaders, diplomats, and academics to explore how global and regional developments impact countries in the Middle East and North Africa. Amid heightened global uncertainty, the discussions will focus on the policy actions required to foster sustained growth, stability, and shared prosperity across the region.
Published: 25th May 2025 08:08:16 By: IMF
IMF Video: Sub-Saharan Africa Regional Economic Outlook–April 2025: Three Key Messages
Despite stronger-than-expected performance last year, Sub-Saharan Africa now faces global uncertainty and reduced external funding, slowing growth to 3.8% in 2025. With limited fiscal space and elevated debt levels, countries must prioritize domestic revenue mobilization, spending efficiency, and ambitious reforms to build resilience against future economic shocks. IMF African Department Director Abebe Aemro Selassie shares three key messages from the latest economic outlook for sub-Saharan Africa. https://www.imf.org/en/Publications/REO/SSA/Issues/2025/04/25/regional-economic-outlook-for-sub-saharan-africa-april-2025?cid=sm-com-ig-SM2025-REOAFREA2025001
Published: 22nd May 2025 11:50:59 By: IMF
IMF Video: آفاق الاقتصاد الإقليمي لمنطقة الشرق الأوسط وشمال إفريقيا: ثلاث رسائل أساسية
جهاد أزعور من صندوق النقد الدولي يعرض ثلاث رسائل أساسية حول أحدث الآفاق الاقتصادية لمنطقة الشرق الأوسط وشمال إفريقيا. تعرف على دور عدم اليقين العالمي المتزايد، والصراعات الإقليمية، والحاجة إلى تعزيز القدرة على الصمود في تشكيل الآفاق الاقتصادية للمنطقة. اقرأ التقرير الكامل: ]رابط[
https://www.imf.org/en/Publications/REO/MECA/Issues/2025/04/24/regional-economic-outlook-middle-east-central-asia-april-2025
Published: 7th May 2025 08:06:51 By: IMF
IMF Video: Perspectives économiques régionales pour le Moyen-Orient et l’Afrique du Nord: 3 messages principaux
Jihad Azour, du FMI, communique trois messages principaux issus de la dernière édition des Perspectives économiques régionales pour le Moyen-Orient et l’Afrique du Nord. Découvrez comment l’incertitude mondiale croissante, les conflits régionaux et la nécessité de renforcer la résilience façonnent les perspectives économiques de la région. Lire le rapport dans son intégralité : https://www.imf.org/fr/Publications/REO/MECA/Issues/2025/04/24/regional-economic-outlook-middle-east-central-asia-april-2025
Published: 7th May 2025 03:14:23 By: IMF
World Economic Forum Video: “It's time to use technology to solve the problem.”: Siemens Healthineers CEO
The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.
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Published: 1st Jul 2025 05:26:12 By: World Economic Forum
World Economic Forum Video: How pro basketball and theoretical physics shaped one health tech CEO
Non-communicable diseases like stroke and heart disease have swapped spots with infectious diseases as top global killers. Improving health access - whether in the developed or emerging world -- can save the lives of billions. CEO Bernd Montag explains how Siemens Healthineers is partnering with providers around the world to deliver technologies and help reduce the complexities that can stand in the way of efficient treatment. He’ll also share his own unique background - as a professional basketball player and later theoretical physicist - and how it shaped how he makes decisions and leads.
This interview was recorded January 2025 at the World Economic Forum Annual Meeting in Davos, Switzerland.
About this episode:
https://www.siemens-healthineers.com/
Transcript:
https://www.weforum.org/podcasts/meet-the-leader/episodes/bernd-montag-siemens-healthineers
Related podcasts:
Bridging the gap in women's health technology, policy and more:
Kearney:
https://tinyurl.com/3jmahwwj
Tackling these surprising blindspots can bridge gender gaps in health, opportunity and more: https://open.spotify.com/episode/0HfUaxq69cJBZfVgGctVMB?go=1&sp_cid=974f0d02895cc3e5dc6ee274371893a7&utm_source=embed_player_p&utm_medium=desktop&nd=1&dlsi=38d6c85af7df484e
The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.
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Published: 1st Jul 2025 03:30:39 By: World Economic Forum
World Economic Forum Video: Towards Parity in Power
Women have made remarkable strides in political representation in the past decade, making up 35.5% of local government officials, 33% of parliamentarians, 24.4% of ministers and 15.5% of heads of state. Yet political power remains out of reach for a disproportionate number of women.
How can this persistent gap be tackled?
This is the full audio from a panel discussion from the World Economic Forum's Annual Meeting on 22 January, 2025.
Watch it here: https://www.weforum.org/meetings/world-economic-forum-annual-meeting-2025/sessions/towards-parity-in-power/
Read the Forum's Global Gender Gap Report 2025: https://www.weforum.org/publications/global-gender-gap-report-2025/
Speakers:
Thérèse Kayikwamba Wagner, Minister of State, Minister of Foreign Affairs, Ministry of Foreign Affairs of the Democratic Republic of the Congo
Mina Al-Oraibi, Editor-in-Chief, The National
Catherine De Bolle, Executive Director, Europol
François Valérian, Chair, Transparency International
Alicia Bárcena Ibarra, Secretary of Environment and Natural Resources, Secretariat of Environment and Natural Resources of Mexico
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Published: 30th Jun 2025 02:28:22 By: World Economic Forum
World Economic Forum Video: Top Technologies 2025 & Data Centres in Space | WEF | Top Stories Week
This week's top stories of the week include:
0:15 Top technologies to watch in 2025 – From digital trust to clean energy, 2025 is seeing breakthrough innovations with wide-ranging impact. Here are five of the most promising technologies this year.
2:50 How to close the gender gap in tech – Ayumi Moore Aoki is CEO of Women in Tech Global, an organization that works to increase gender equality in STEM. She says that amid all the talk of what AI can do, we must also consider what it cannot.
6:09 This robot could change all factories – Meet CyRo, a 3-armed robot designed to handle objects with the dexterity of a human - without the need for pre-programming. Its adaptive vision system mimics the human eye, allowing it to operate under varying lighting and handle tricky materials like glass or reflective surfaces.
7:33 Start-up plans data centres in space – As AI energy demands soar, one pioneering start-up is taking data infrastructure off the planet. Starcloud is building space data centres to tap into the vast, uninterrupted solar energy available in orbit.
____________________________________________
The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.
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Published: 29th Jun 2025 12:01:21 By: World Economic Forum
The S&P 500 and Nasdaq closed at record highs, boosted by gains in technology stocks and a trade agreement between the US and Vietnam that eased concerns over prolonged trade tensions.
#News #Reuters #Newsfeed #nasdaq #wallstreet #unitedstates
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Published: 2nd Jul 2025 11:11:42 By: Reuters
Reuters Video: US private payrolls post first drop in more than two years | REUTERS
US private payrolls fell for the first time in more than two years in June as economic uncertainty hampered hiring, but low layoffs continued to anchor the labor market.
#usaeconomy #markets #payroll #business #News #Reuters #Newsfeed
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Published: 2nd Jul 2025 07:16:06 By: Reuters
Reuters Video: Microsoft to cut about 4% of jobs amid hefty AI bets | REUTERS
Microsoft will lay off nearly 4% of its workforce, the company said, in the latest job cuts as the tech giant looks to rein in costs amid hefty investments in artificial intelligence infrastructure.
#microsoft #ai #technology #News #Reuters #Newsfeed
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Published: 2nd Jul 2025 07:08:57 By: Reuters
Reuters Video: Intel's new CEO explores big shift in chip manufacturing business | REUTERS
Intel's new chief executive is exploring a big change to its contract manufacturing business to win major customers, two sources told Reuters, in a potentially expensive shift from his predecessor's plans.
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Published: 2nd Jul 2025 06:45:06 By: Reuters
Reuters Video: Tesla's quarterly deliveries fall sharper than estimates | REUTERS
Tesla reported a sharper-than-expected fall in second-quarter deliveries as intense competition and backlash against CEO Elon Musk's political stance hit global demand.
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Published: 2nd Jul 2025 03:51:22 By: Reuters
Business Video: Tesla sales plunge once again amid Elon Musk's political moves
Tesla reported another record sales plunge Wednesday, as brand damage from CEO Elon Musk’s political activities and increased competition continued to batter the once fast-growing electric car maker.
Tesla reported it sold 384,122 cars in the quarter, down nearly 60,000 cars, or 13.5% from the sales total a year ago. That marks the largest year-over-year drop in sales in the company’s history. However, that number is up 14.1% from its first quarter total.
CNN's Boris Sanchez speaks with the New York Times's Kate Conger, and CNN's Zain Asher speaks with CNN media correspondent Hadas Gold and TechCrunch's Sean O'Kane. #CNN #News
Published: 2nd Jul 2025 08:48:54 By: CNN
Business Video: Paramount settles Trump’s ‘60 Minutes’ lawsuit
CBS News parent Paramount Global has agreed to pay $16 million to resolve an extraordinary lawsuit filed by President Donald Trump over a “60 Minutes” news report last fall. CNN's Chief Media Analyst Brian Stelter explains. #CNN #News
Published: 2nd Jul 2025 03:55:02 By: CNN
Business Video: ‘This will have negative implications for every American,' says GOP economist on Trump megabill
CNN’s Bianna Golodryga speaks with Jared Bernstein, the former Chair of the White House Council of Economic Advisers, and Douglas Holtz-Eakin, the former Congressional Budget Office Director, about the passage of Trump's megabill in the Senate. #CNN #News
Published: 1st Jul 2025 07:15:01 By: CNN
Business Video: Powell says the Fed would have cut rates this year if it weren’t Trump’s policies
The Federal Reserve would likely have lowered interest rates this year if it weren’t for President Donald Trump’s significant policy changes, Chair Jerome Powell said. “I do think that’s right,” he said at a central banking forum in Sintra, Portugal, when asked if the Fed would have cut rates by now. #CNN #News
Published: 1st Jul 2025 05:17:04 By: CNN
Business Video: Trump’s new phone looks a lot like one from China
The Trump Organization says its upcoming T1 smartphone will be “proudly designed and built in the United States.” But experts tell CNN they’re skeptical that goal can be achieved-- and say the T1’s specifications are strikingly similar to a Chinese-made phone already on the market. #CNN #news #trump #trumpmobile #t1 #china
