A lot of people are up to their eyes or necks in financial debt from credit cards, which is the reason for the video. As Americans hold over $1 trillion in credit card debt, the speaker discusses how to get out of it.
Credit cards are great items for emergency situations. Credit card companies often charge customers a high interest rate when they borrow money. The most difficult credit card holder will usually pay the minimum amount every month, which usually gets eaten up by rate of interest.
The speaker gives helpful tips for consumers on how they are able to get debt free with credit cards. One way is to reduce the interest rate. A consumer will see huge differences in monthly installments if the lender cuts the interest rate. It could lead to cardholders making savings of thousands every year.
Consolidation is a second option an individual can be rid of credit card debt. If the lender believes that customers can make regular payments, then a consolidation loan might be the best possibility. Another option is debt consolidation which includes paying a debt control advisor and requiring that the individual be able to pay their creditors. This arrangement is usually made by a debt management business after it is able to negotiate with the clients in order to cut their outstanding balances.