The epidemic hits 67 million people Americans have more than 1 Trillion Dollar in credit card debt
Before the new crown virus epidemic hit the United States, the debt problem of Americans was quite serious. Now, after a series of “shutdown” measures, economic activities have almost stopped. The latest research from the financial industry indicates that there are 67 million people in the United States, Repay the debt.
This is a major debt crisis discovered by the personal wealth management website WalletHub from March 9th to 12th in the “New Crown Pneumonia Financial Survey”. The website’s CEO Odysseas Papadimitriou said that those who cannot pay credit card bills, Without any help, if you look at the credit card debts that have exceeded 1 trillion yuan, so many consumers have not yet paid for the economic impact.
This 1 trillion yuan total card debt is estimated based on the information provided by the Federal Reserve, which is the largest consumer debt since the Great Depression of the 1930s.
The NerdWallet Wealth Management Company’s 2019 Household Debt Research Report pointed out that the average household in the United States owes a long-term debt of 7,000 yuan to card debt, and the interest on card debt is as high as 17%, and the average interest expense on card debt per household is 1,100 yuan per year.
Finance Minister Minu Qin has just announced that the Trump administration will soon send money to every door to help everyone “rescue.” Financial experts suggest that those who receive the government’s “bail-out” cash should quickly pay back at least some of the high interest rates on their credit cards, reducing the pressure on debt.
Of course, you can also transfer high-interest-rate card debt to zero-rate or low-rate concession cards, which is also a way to reduce the interest burden. Discount cards are usually designed to attract new customers, and the offer is limited to a few months.
In addition, you can also ask the card-issuing bank or financial institution to temporarily suspend interest calculation. For example, the Apple Card delays the payment of March bills by prospective users. No additional interest is calculated during the delay period. Financial industry analyst Ted Rossman said that some card issuers have extended the period of exemption from fees or reduced the minimum repayment amount to reduce the burden on users.
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