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I am surprised and satisfied with the poll results about credit card debt. Considering that 80% of ILFT subscribers and visitors are women, I’ll assume 40% of them doesn’t have any credit card debt. Congratulations! So the rumors and facts you hear about women spending more than men and often have more debt on their credit cards are not always true. Take a look at the following screenshot of the poll results:

What I am not happy about is that 30% of my subscribers have over $5,000 in debt on their credit cards. What to do? – Start digging out! I think this woman who had $80,000 in debt might be a good example:

I know how debt can influence every corner of your life, even your health. According to researchers at Ohio State University people who reported higher levels of stress about their debt showed higher levels of physical impairment and also reported worse health than those with lower levels of debt.

Bankruptcy is not always a good thing, but if the minimum payments on your credit cards are more than left overs from a paycheck (especially now when all major banks raised APR’s on credit cards to their existing customers) then consult any local bankruptcy lawyer (consultation is usually free) and decide if the bankruptcy will be a good option for you.

I suggest everyone who have a credit card balance to use the Federal Reserve’s Credit Card Repayment Calculator, it will give you an estimate of how long it will take you to pay off your credit card balance and best of all you will be shocked by the numbers you’ll see, but don’t worry, what you’ll see should motivate you to pay off your debt as soon as possible and become healthy and debt free individual. Start digging out of debt today, don’t wait!