Chicago, IL (PRWEB) April 05, 2012
Despite a slow economic recovery, consumer credit card debt increased 4.5% in the fourth quarter of 2011, totaling $801 billion dollars as reported by the Federal Reserve. With an estimated number of households with credit card debt at 50.2 million, the average amount of credit card debt per household is $15,956.18 and $5,204.00 per individual.
The average annual percentage rate assessed interest on credit card balances in the fourth quarter of 2011 was 13.09%. This reduces the average amount of interest paid per household with credit card debt to $8,794.63 and it will take 15 years to payoff the balance. Consumers can get out of credit card debt sooner and save thousands of dollars in interest payments with proven strategies in a new book titled “Laws of Managing Credit Card Debt”.
April is National Financial Literacy Month. This presents an opportunity for consumers to become more informed. Those who were unable to pay their bills led to 1,362,847 bankruptcy filings in 2011. This indicates that consumers lack the proper financial guidance to manage credit card debt.
Professional debt management programs can help consumers reduce the amount they owe to credit card companies. But charge on average a $35.00 monthly fee to participate in a three to five year program. A better alternative that provides a positive solution to eliminate credit card debt will help consumers avoid repeating the cycle and end up getting back into credit card debt.
“It doesn’t matter how much money you make you need to have basic financial guidance to manage your debt,” says Keith D. Nelson, Author and Publisher of “Laws of Managing Credit Card Debt.” This book provides the educational needs of society and helps the economy by showing consumers how to get out of debt.
For more information, visit: http://www.ManagingDebtLaws.com