Credit card debt in the United States is at an all-time high, and delinquency rates on installment loans, revolving credit and mortgages have experienced double digit increases, as well. Fortunately, most mortgages and installment loans arent subject to interest rate increases as a result of delinquency. This is not so with credit card debt.
Many credit card issuers will increase an account holders interest rate after just one late payment and in most cases, even if that one late payment is received only one day past the scheduled due date. Unfortunately, this practice which many consider the legal equivalent of loan sharking has resulted in thousands of individuals facing financial devastation. Those people who were just barely making ends meet now just cant seem to generate enough income to meet their monthly financial obligations. Many have come to a fork in the road and must now choose the right path to successfully pay off their credit card debt.
If you happen to be in a similar situation, and are experiencing financial difficulty, but would like to avoid bankruptcy, you may want to consider negotiating with your creditors to reduce your pay-off balance...
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