Americans have finally paid off their credit card debt – how to reach them
If you have credit card debt, you will know how painful it is. It’s the most expensive debt you have, and the credit card company has made a fortune trading with you at high interest rates.
Wouldn’t it be nice to open the table? Well, it’s a lot of people now. More and more Americans are just paying off their credit card balances, making credit card companies like Capital One, Citibank, and Chase really nervous. This is because their whole business model is all about cheating on you.
Americans are paying off their credit card debt at levels not seen in years. This is good news for everyone except the credit card issuers. ” the Wall Street newspaper. “Many card issuers rely on increasing card use and the balance of payments to increase their income. They want to know if the pandemic will turn into a long-term trend. “
Wouldn’t it be nice to hit back and sweat your credit card company for a change? Now you can, and it’s easier than you might think.
Credit cards will charge you a steep interest rate, which typically amounts to an annual interest rate of over 20%. However, if you owe the credit card company $ 50,000 or less, AmOne will be given a low interest loan, which you can use to pay off the balance.
Is it good? You will be left with one bill every month, and since the interest rate on personal loans is significantly lower (AmOne’s interest rate starts at an annual interest rate of 4.49%), you will get rid of of the debt burden. this Faster.
Also: No credit card payment this month!
They get very nervous
Today, credit card companies are sweating because Americans’ credit card balances are dwindling. According to data released by the New York Fed last week, compared to the previous quarter, they fell by $ 49 billion in the first quarter of 2021.
Overall, according to data from credit reporting company Equifax, credit card balances have fallen almost 15% from the previous year.
These companies report that for major credit card issuers like Capital One, Discover, and Synchrony (the largest in-store credit card issuer), balances were down 17%, 9%, and 7%, respectively, compared to to last year.
Why is this so?
When the COVID-19 pandemic hit, banks expected to increase in arrears, forcing borrowers to rely on their credit cards to make ends meet. the Wall Street newspaper report. But then the government introduced stimulus and increased unemployment benefits. It allows borrowers to suspend mortgage and student loan repayments. Therefore, such violations never occurred.
The Fed wrote that now, “it looks like a lot of households are trying to reduce their revolving debt balances, and it’s happening at every level.”
How to beat your credit card company
If you want to get a personal loan to clear your credit card balance, it helps in getting a good credit score.
A free website called Sesame Sesame You can easily put your credit score on the right track to achieve your goals. In two minutes, it will give you access to your credit score, your possible debt accounts and some personalized advice to improve your score. You can even spot mistakes that set you back (one in one in five).
Right now, with AmOne, you don’t need a perfect credit score to get a loan – comparing your choices won’t impact your score. Additionally, AmOne keeps your information private and safe, which is perhaps why, after 20 years of operation, it still receives an A + rating from the Better Business Bureau.
It takes less than a minute and only 11 questions See which loans you are eligible for -You don’t even have to enter your social security number. You need to give AmOne a real phone number to be eligible, but don’t worry they won’t spam you over the phone.
Stop spending money on high interest credit card payments. When the credit card companies expressed their deep concern about profit calls, they were like the rest of us, and their profits plummeted.
Revenge is happy.
Mike Brasfield ([email protected]) Is the lead writer of The Penny Hoarder. He paid off all of his credit cards, and wow, that feels good.