Try writing down a trillion in numerical form, I guarantee you that you’d mess up! Last week we published an article that consumers were close to around 800 million in consumer credit card debt, well my friends, news just hit this week and we have passed the trillion mark! Credit card debt has passed 1 trillion..

What does this mean for you? As previously stated in our other article, this is a good thing and a bad thing. It’s great that the economy is stimulating, more and more people are spending, but at the same time this might mean that we have too much money in circulation. Last year the Federal Reserve rose interest rates three times, it appears like they’ll do the same this year too.

Our suggestion is to work on paying down the debts, because those 19% interest rate credit cards that you have, might jump to a higher rate. Remember when you sign up for a credit card, you’re giving the interest rate, and it also says variable, which means it can change at any time.

If you’re having a hard time qualifying for a credit card, now’s the time to hire a reputable credit repair company. It’s the beginning of a new year, and this is a great way to reflect make necessary changes to have a prosperous year.

Always keep in mind that our credit repair consultations are totally free, we’re here to help.