Credit Card Debt Help in Kentucky

If you are a resident of Kentucky, there is a very good chance that you may have accumulated some credit card debt because of the state of the economy.  Many states have been strongly impacted by the recession and the loss of jobs across all the states. As a result of this, unfortunately, people have gotten deeper and deeper into high interest debt.

The current unemployment rate for Kentucky is 11%. The loss of jobs is due largely to the economy and if you live in this state, you have been hit hard.  It not only is very difficult to lose a job, but if you have an unemployment rate this high, it is difficult to find another job. This will ultimately lead to a very dire financial situation.

So, what have most people done when they are faced with this situation? Many have succumbed to the only source they have, and that is the use of their credit cards.  This, of course, is not the wisest financial decision, but there are millions of people that have really had no alternative.  

The average interest rate for a credit card is 14.9%.  When you have to rely on this source for your financial needs, you can get into some serious credit card debt in a hurry.  The fact that you have such a high interest rate alone will keep your balance up there if you only make the minimum payment, and this is exactly what a lot of people will do. Year after year, the interest rate will increase and you will never get the credit card paid off.  

So, what is the answer to help get some relief from the credit card debt you have, due to a bad economy?  Many people have turned to debt consolidation loans to assist them in reducing the amount of debt they have.  When you use this type of assistance, there is a very good chance you will be able to get out of debt much faster.

Debt consolidation will allow you to combine all your loans into one.  This is a great idea for most people, and can allow you to get a much lower interest rate at the same time.  This is the huge advantage of using debt consolidation to help you get rid of your debt in a very short period of time.

There are many advantages to using debt consolidation to help you get rid of your debt and the one of the best is getting a lower interest rate. This is imperative if you hope to get your debt paid off as quickly as possible.  By taking the time to do the research, and finding a company to assist you with this, the better off you will be.

Another factor to consider when you have credit card debt is your credit score. The higher your credit score, the lower the interest rate you will receive.  The average credit score for people that reside in Kentucky is around 677. This is not a bad number, but unfortunately, it is not good enough to help you secure the lowest possible interest rate. In order to get the lowest rate, you must have a credit score of 720. This is considered the best way to assure the lowest interest rate.

There are many ways to help you control your debt if you are able to maintain your job.  One of the biggest reasons credit card debt has gotten so out of out of control is due to the economy, but also the inability to maintain discipline when it comes to spending has also caused a lot of the credit card debt.  Listed below are some interesting statistics regarding credit card debt:

•  Near the end of 2008, Americans' credit card debt reached $972.73 billion, this amount was up from 2007.
•  Average credit card debt per household   was $8,329 at the end of 2008.  
•  The average outstanding credit card debt for households that have a credit card was $10,679 at the end of 2008.
•  The average balance per open credit was $1,157 and this was at the end of 2008.
•  As of March 2009, U.S. revolving consumer debt, made up almost entirely of credit card debt, was about $950 Billion.

So, it easy to see why there would certainly be a need for credit counseling.  If you are among the millions that have a lot of credit card debt and are looking for assistance to help you get out of it, you should consider speaking to a debt counselor.

This is really a good idea if you live in Bowling Green, Owensboro, Lexington or Richmond, Kentucky. These are the largest cities and there are numerous sources for you to get credit card debt assistance.  One of the best ways for you to get control of your debt is most likely to employ the expertise of a debt counselor. There are many to choose from and can offer you some of the best advice you will find.

Listed below are some very interesting statistics when it comes to credit counseling:

• It is estimated that at least 2.0 to 2.5 million Americans use a credit counselor each year, mainly to avoid having to declare bankruptcy.
• During the years form 1990 to 2000, the amount of Americans hiring  a credit counselor doubled in numbers.
• In two thirds of the counseling cases, most people are referred to a financial advisor to help them gain control of their debt.
• The majority of people who are experiencing financial difficulties have experienced a loss of income due to job loss or divorce.
• Nearly 75% of people who were looking for assistance had a credit card.
• Most people who are seeking a credit counselor have at least two credit cards with a balance.
• The average person who needed the help of a counselor had $43,000 in debt.

These statistics can easily give you a strong indication of just how large the credit card debt extends. There are millions of people who are in debt and apparently have searched out the advice of an expert to allow them to get a grip on their finances.  This should really make many people at least feel better in knowing they are not alone.  

If you have a lot of debt, whether it is credit card or other, it would be a great idea to seek the assistance of a debt counselor. They can offer you advice that can assist you the rest of your life. How great is it to get help for your finances and provide you with methods to relieve your debt forever?  It is a great idea for anyone to have a financial counselor at some point to not only helps them get rid of current problems but also to avoid debt problems from reoccurring.  Credit card debt is like most any thing else, if you do not get to the root of the problem, it will never improve. It is imperative that, we as consumers, educate ourselves on how to not only get out of debt, but stay out of it.

Your financial future depends on what you do from this point forward. You need to become educated. Use the resources on this site to meet that goal. Learn the terms and definitions in our glossaries so you can understand all of the clauses in your credit card agreement. Read the news articles for the best-practices in using credit cards. Read about the recent credit card reform laws that have passed in our Credit Card Reform section.  Use the articles in the Advocacy section to learn about debt relief options such as bankruptcy, consolidation, and debt settlement to see if they are a good choice for you.

Talk to Kentucky's Senators About Credit Card Reform
	Senator Jim Bunning PHONE: 202-224.4343 (DC office) FAX: 202-228.1373 (DC office)		Senator Mitch McConnell PHONE: 202-224-2541 (DC office) FAX: 202-224-2499 (DC office)