The Truth About Credit Cards Debts

In the recent part there have been a large number if credit card users and this has been accompanied by increasing consumer debt statistics. Most of this has been blamed on the economic recession and there have been a lot of proposals on how to offer financial literacy as well as credit card debt elimination to control the increasing consumer debt statistics. Other measures include enforcing stringent financial laws to include credit card reporting.

Credit card debt elimination can be done by the individual themselves by listing the types of credit cards starting with the one that has the highest interest rate, and include their derails such as the outstanding balance, interest rates and minimum payment. This information is easily available in the monthly statement of the previous month. After this total the minimum payments and pay for all other card except the one with the highest rate. Continue this process until the all cards are paid off. Credit card owners may also contact their credit card company to get useful tips for credit card debt elimination. They may help by lowering interest rates as well as offer balance transfers. Though the process is slow, the consumer credit statistics will be gradually reduced.

To do all these many institutions are offering financial literacy sessions based on common financial literacy principles. This will go a long way to ensure all groups of people but more specially teenagers develop good financial habits and get enough information to enable them make sensible and reasonable financial decisions. There are many institutions offering this sessions both in-campus and online. The USA has a financial literacy month in April where they emphasize on development and maintenance of healthy financial habits. This initiative is also a good way to give tips on credit cards debts elimination which will eventually reduce the consumer debt statistics over a long period of time.

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