Using credit cards can create financial challenges especially if consumers do not watch their spending and do not understand how interest is calculated. Credit card users with consumer debt who experience unemployment, reduced income and increased expenses may face creditor harassment because of delinquent payments. Consumers in Pennsylvania and across the country who are making only minimum payments on a credit card to their credit card company could benefit from understanding how credit card interest is calculated.
Making resolutions is a typical part of the New Year for many Pennsylvania residents. If one of those resolutions includes getting a handle on debt, there are some ways to accomplish that. Currently, the average household in the United States carries around $6,700 in credit card debt, and signs show that collectively, Americans are continuing similar spending habits that they had before the recession. The start of 2014 may be a good time for consumers to get bad spending habits under control and pay down what they owe.