Content : Consumer debt has increased in recent years due to low interest rates and rising popularity of internet shopping. Since 1990, the average credit card debt has increased by 167% to roughly $8,000 per household.1 Low interest rates and shopping online can help consumers save money upfront on their purchases, but is money really being saving when interest is accruing on their outstanding balances? Overtime, the outstanding balances on credit card debt increases due to balances carried over from month-to-month. If you are only paying minimums to creditors, your outstanding balances can increase significantly over time causing your debt to quickly become unmanageable. If you find yourself in this position and are looking to lower your payments, a debt consolidation loan or debt settlement program may help reduce your debt and get your personal finances back in a positive direction.

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1http://moneycentral.msn.com/content/savinganddebt/p70581.asp

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