Credit card debt continues to grow. Let DCU help you manage your financial future.

Did you know that a $1,000 credit card debt with a 19.8 percent annual percentage rate (APR) would take you about five years to pay off, if you only made a minimum payment of $26?  And, at the end of the five years, you would have paid approximately $583 in interest. 

While the average APR credit cards is about 14 percent, ranging from a low of 5.25 percent to over 20 percent, consumers with less than perfect credit or limited credit history will pay a higher APR.  The cost of credit rises when fees are included - sometimes as high as $35 for late and cash advance fees and over $50 for annual fees.

In 2004, total non-mortgage consumer debt was reported at $2.1 trillion. For each of the approximate 120 million households in the U.S., this equates to $17,530 in non-mortgage debt. This is up from $16,035 in 2002.  Credit card debt makes up a significant portion of this debt.

What this means is Americans' debt obligations are growing, making financial planning and debt management more important now than ever.  Dallas Credit Union offers ways to manage debt and help you build wealth. Give us a call and we can help you plan your financial future.