43.8% of respondents with credit card debt have been carrying a balance for more than two years.
San Francisco, CA (PRWEB) April 11, 2014
BestDebtCompanys.com has released fresh survey data indicating that 43.8% of respondents with credit card debt have been carrying a balance for more than two years.
In a survey of 1000 random participants, the following results were obtained from respondents that indicated they had credit card debt:
- 43.8% have been in debt for more than 2 years
- 15.4% have been in debt for 1-2 years
- 15.7% have been in debt for 6-12 months
- 25.1% have been in debt for 1-6 months
“Over two years is a long time to carry a balance on a credit card. As you can see, cumulative interest charges would really add up in that amount of time,” stated Michael Steele, Site Director for BDC. “I don’t think individuals realize how long it will actually take them to pay off credit card debt when they start charging to their cards. As shown in the data, it can take years to pay off debts.“
Subsequent survey data indicates that of the individuals that answered yes to having credit card debt, most have not considered using any type of third party debt relief, as shown in the following results:
- 74.3% have never considered using a debt relief service
- 25.7% have considered using a debt relief service
“Multiple conclusions could potentially be drawn from this, including: consumers may not believe debt relief is right for them, or they may not even realize that it is an option. Whatever the case, the numbers are interesting because they give some insight into how people look at debt relief,” mentioned Steele.
While BDC does not believe that using a debt relief service should be a very first option when trying to get out of debt, they do think there is an important place for it when the situation warrants.
BestDebtCompanys.com ranks and reviews companies in the debt relief space. Customer input is one of the most important factors they take into account when scoring a company. If you’ve had any experiences with a debt relief company, they encourage you to visit the site and let the community know how you feel about the service you received.
You can find debt consolidation company reviews at the following link: http://bestdebtcompanys.com/debt-consolidation/; other sector reviews, such as debt settlement and tax relief, can be found on the site as well.