Five Ways To Earn Money To Pay Off Credit Card Debt
It’s almost cliché to talk about how bad the American economy is—but the fact of the matter is, the unemployment rate is still high, and underestimated according to many important and smart people, the cost of living is inching its way up and consumer debt is spiraling out of control. It’s a dog-eat-dog world out there and only the strongest survive. So, instead of reminding you how depressing most people’s financial circumstances are and how high the countries deficit is, we’ve decided to focus not on the problem, but the solution.
According to CreditCards.com, the web’s leading publisher of original consumer credit card related news, the average credit card debt per American household with credit card debt is $15,788. With that in mind, we want to throw out a few creative ideas for raising money to pay down credit card debt.
Spike in Poor Consumer Credit Scores is Rising as the Economy is Dwindling
With mortgage defaults on the rise, unemployment rates skyrocketing and credit card debt piling up, it is inevitable that consumer’s credit scores are sinking faster than the Titanic ship did in the Atlantic Ocean in 1912. Statistics provided by the Fair Isaac Company Inc. (FICO), one of the most trusted and used credit-scoring agencies in America, show that an overwhelming amount of Americans have a credit score of 599 or below, categorized as hazardous to most lenders.
In past history, 25.5 million of the 170 million American consumers with active credit accounts, or 15.5 percent, had credit scores below 599, according to the data posted on Myfico.com. One major real estate collapse, irresponsible consumer spending and a catastrophic economic recession later, that number has spiked to nearly 43.4 million people.