Government Upsets Traders
Subprime Turmoil
Trouble Signs
How to: Your First Card
www.money-zine.com
Welcome to bactive.com!
According to the US Federal Reserve (www.federalreserve.com), the total amount of consumer credit extended to the American public in 2008 is 2.6 TRILLION dollars. www.money-zine.com cites sources stating that the average American household carries $8200 to $8700 in credit card debt - that's in addition to card payments, mortgage payments, healthcare costs, fuel costs, etc.
Credit Cards are valuable tools when they're used properly; however, it is very easy to get yourself into trouble. Variable rate credit cards are easiest to get. With variable rate credit cards, the amount of interest you pay is based upon the prime rate plus some value. Credit card companies charge higher interest than normal lenders because they incure a higher level of risk. There are a lot more people that default on credit cards than other types of loans, so credit card companies charge you a lot more for using their money.
Credit card debt can be financially crippling. As you charge more to your cards, your minimum payments go up. As interest rates rise, so do your minimum payments. If you don't pay more than your minimum payments, it can take a long time to pay down your credit card balances. Eventually you can get to a point where you can't pay off your credit cards because you can only pay your minimum balances. In extreme circumstances, credit cards can lead you into bankruptcy.
If you'd like to get control of your credit cards, and pay down your balances, bactive.com can help. We have developed a FREE credit reduction program. The way it works is this...you enter your credit cards, credit card balances, your minimum payments, and how much you can afford to pay extra, and bactive.com will generate a credit card payoff program for you. We use your extra payment amount and your minimum payments to accelerate your payoffs and get you out of debt as fast as possible!
Click here to run the Credit Card Killer...
Comparing Payoff Strategies
Should you pay your lowest balances first? Or, should you pay the cards with the highest interest rates? Paying the cards with the highest interest rates will certainly save you money, but will it save you time? Click here to find out!