Is it time to switch your credit card debt to a loan?
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As more and more people across the UK continue to try and repay their credit card debts many are seeing a month by month increase in minimum payments as interest rates remain high. However, there is concern that many are not taking advantage of the options available to them. As we mentioned in one of our earlier post, the average credit card purchase interest rate now stands at a staggering 18.1% compared to a base rate of 0.5%. Surely now is the time to consider converting your credit card debt into a standard fixed term loan?

The problem that many people in the UK have at the moment is the fact they would rather bury their head in the sand and hope everything recovers in due course, but unfortunately this will not happen. Those stuck in the credit card debt spiral are unable to pay off their interest which then increases their credit card debt, increases interest payments and reduces the amount of capital they are able to pay off each month. In effect, man…………… continues on
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Your debt’s probably growing faster than the government’s
News from The Seattle Times:

DAYTON, Ohio — Americans criticize government leaders for running up the federal budget deficit, but do they practice what they preach?

Not really.

Individuals are living beyond their means at an even greater rate than the government is, based on recently released household-debt figures.

U.S. household debt totaled $ 13.4 trillion at the end of 2010, or about 107 percent of the $ 12.5 trillion Americans earned in total household income last year, according to the Federal Reserve.

The government’s total debt of $ 13.8 trillion represented about 94 percent of the $ 14.7 trillion in national income, or gross domestic product (GDP), last year.

“You hear people say that the government should manage its finances like the private sector does, but that’s the problem,” said James Brock, an economics professor at Miami University.

Brock said household debt that was built up largely in the boom years preceding the recession has left millions of Americans s…………… continues on The Seattle Times
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