Pittsburgh, PA (PRWEB) August 10, 2012
Non-profit consumer credit counseling company Advantage Credit Counseling Service (ACSS) released an infographic on the topic of personal debt to help those struggling with debt to understand that their problem is not a unique one in the United States. According to the information, one in every six families is having enough difficultly keeping up with debts that they are only able to make the minimum payments on their credit card bills every month.
Young adults in the 18 to 24 range have been heavily affected by the personal debt problem in the United States. One in five people in this age range has had so much trouble paying debts that they have experienced a debt hardship. A debt hardship refers to a time period in which a person does not make enough income to cover all of their necessary expenses and debt payments. Many young people in this situation find themselves missing payments and having late fees and penalties assessed on debts that are already too overwhelming.
Credit counseling services typically suggest that consumers avoid carrying an unpaid balance on a credit card because of the ease of adding to the balance until it becomes too overwhelming to pay off at one time. Unpaid balances also negatively impact one of the components of a credit score calculation, the debt to income ratio. Despite these readily available facts, more than half of all consumers have carried an unpaid balance at some point in the past year.
Consumers who are struggling with debt should understand that they are not alone with their problems. Because of the prevalence of debt hardship in the United States, Advantage CCS offers consumers help with working toward a debt-free lifestyle, and creating this infographic on debt is another way they can help educate the public
The fact that there is over $750 billion in credit card debt currently outstanding in the United States should make it apparent that many people are having trouble with mounting credit card balances. Credit counseling and debt management services allow consumers to work with a representative to understand how to manage a budget and have enough left over after necessities have been paid for to make regular debt payments with the goal of paying off debts completely over time. Representatives work with credit companies to discuss modified payment plans that work for the debtor.
About Advantage Credit Counseling Service
Since 1968, Advantage Credit Counseling Service, Inc. has been educating and counseling consumers about budgeting, personal financial management and the responsible use of credit. ACCS’s services help to financially empower individuals, bettering their lives; increasing family stability; improving workplace performance; and ultimately benefiting the entire community. AdvantageCCS has nine locations in Western and Central Pennsylvania, and offers financial education workshops, credit counseling, housing counseling, and bankruptcy counseling in numerous other states. For more information on additional services, class schedules, and States serviced please visit http://www.advantageccs.org or call 1-866-699-2227.
Advantage Credit Counseling Service, Inc. is an accredited member of the National Foundation for Credit Counseling (NFCC) and a member in good standing of the Better Business Bureau.