Credit Card Debt Quiz

1. What is your total unsecured debt (credit cards, unsecured personal loans, etc.)?

Answer: Over % 16,000
The average American household carries approximately $ 8,674 in total credit card debt. It appears that your debt is more than double what the average American\'s is. Because it can take 15-20 years to pay this debt off, it is highly recommended that you contact one of our counselors immediately for an evaluation of your current situation.

2. How many total credit cards do you have (major credit cards, department store cards, and debit cards)?

Answer: 4-7
The average cardholder carries approximately 3 bank credit cards, 4 retail credit cards, and 1 debit card, for a total of approximately 8 cards per cardholder. It is highly recommended to keep this number to 6 or lower.

3. What is your average interest rate with your credit cards?

Answer: Over 20%
The average interest rates for credit cards is 20.42%. It appears that your rates are above average. A late payment or a poor credit rating may have caused these high rates. It is highly recommended that you contact one of our counselors immediately for an evaluation of your current situation.

4. I pay the minimum payments and ONLY the minimum payments on my accounts:

Answer: Frequently
About 13% of Americans pay only the minimum payments each month. It is nearly impossible to pay off your total debt by just making the minimum payment. You should always try to send much more than the minimum payment required by your creditors.

5. I have received a late fee on one or more of my accounts in the last 2 months

Answer: True
Approximately 3.25% of Americans are more than 30 days delinquent with one of their accounts. Falling behind with your creditors can cause significant damage to your credit score. Also, most creditors will increase you interest rate over 20%, charge a late fee as high as per month, and begin calling you once a day.

6. What do you feel has been the main cause of your financial problem?

38% - Excessive Use of Credit / Over Credit Obligation.
25% - Reduced Income / Unemployment.
14% - Poor Money Management.
9% - Divorce / Separation.
14% - Other