National Credit Card Debt Rises; Are Payday Loans the Answer?
By J.J. CameronPayday Loan Writer
Are you struggling with credit card debt and wondering whether or not a payday loan would provide assistance? You are FAR from alone.
The average household in possession of at least one credit card has doubled its balances in the last decade. According to Cardweb.com, credit card debt per household reached $9,312 in 2004, the latest year for which statistics are available. Moreover, the total national balance is $665 billion. No wonder the popularity of faxless payday loans has been on the rise!
Figures from the American Bankers Association showed 4.81 percent of all accounts were 30 days past due last summer. As a result, many people have simply sworn off credit cards.
“I had a bunch of credit card debt when I was in college,” said insurance agent Evan Glassman, 27, who lives in Delray Beach, FL. His balance hit about $14,000. “It took me a little while to get rid of it. But I can think of a lot smarter things to do with my money.”
While Glassman did not mention the use of any cheap payday loans to finally become debt free, other consumers have taken this step.
