1. If you spend more than 50% of your credit limit every month, this indicates to the Credit Bureau that you do NOT have enough cash on hand to meet your monthly expenses. This will term you as a high credit risk and will actually reduce your credit score by 60 - 70 points overnight (Fair Isaac).

2. If you miss 1 or 2 payments on your credit card debt, the issuing company will skyrocket your interest rate to a whopping 27% - 30%!

3. Out of a random sample of 3 million American consumers (included in Experian's National Score Index), 51% of them have atleast 2 credit cards and 14% of them have 10 or more credit cards.

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Debt Management FAQs

How Can I Get a Copy of my Credit Report?
You can get a copy of your Credit Report from any of these 3 Credit Reporting Sites (for a small fee):

Can Debt Collection Agencies Check my Credit Report?
Yes, debt collection agencies can legally check your credit report. When you sign on a loan application such as a mortgage loan, credit card debt, auto loan or even a payday loan, you permit the lender to check your credit report at anytime they want, to their discretion.

Is a Charged Off Debt Still Collectible by Creditors?
Yes a charged off debt is still collectible by creditors, even years after it has been written off.

When Someone Dies, Who is Responsible for Paying His Debts?
If someone dies and leaves behind a debt load, the executor or administrator of his estate or wealth is responsible for paying off and handling the debts. If the dying person did not write a will, then the spouse automatically assumes responsibility of both his estate and all his debts.