Most business transactions today are not paid in cash but with credit cards. In fact in department stores, restaurants and other places where paper bills used to be the medium of exchange, the cashier will often ask if it is cash or card.

Since credit cards are readily available in your wallets or bags, you are tempted to use it for your everyday needs or buying things you want but cannot pay in cash. The average American family has an average of 10 credit cards between them and a new college grad has at least 2 cards for a $2,000 credit line.

When you buy articles or use a service with your card, your accountability amassed together with the penalty and interest, the amount is now beyond your capacity to pay. The consequence; you have fallen into a credit card debt.

Late payments are penalized for as much as $10.00-$40.00 and those unable to meet the deadline are referred to the Credit Rating Agency. Delayed payments are always given a penalty and the interest rates are added and your account is termed as default.

What are your possible options to face a credit card debt?

1. Relieving. Ask for a relief of payment by requesting the annual percentage rate (APR) to be lowered. Some institutions are willing to reduce their APR for as much as 16% to 10.47%.

2. Bankruptcy. When the accountability is too much, you may declare bankruptcy for your entire debt to be forgiven unless there are hindrances by other creditors or the judge will deny it on legal grounds.

3. The company may suggest another arrangement for a decreased APR that is foregoing the past payments and penalties and the account is considered like a new one.

Now the IRS comes into the picture. There is a resolution that unpaid account from the credit companies will be a part of the taxes to be paid by the customer; unless the reason for bankruptcy has been strongly proven; there is insolvency, that is the debt incurred is much more than the asset of the debtor; certain kinds of farm debts and if forgiveness has given to the debt.

Being a credit card holder is a responsibility. To avoid the quagmire of a credit card debt, here are tips on the dos and don’ts for you:

Do make smart decisions on articles you purchase with your card.

Do inform the company before hand should you be delayed on your payments.

Do stay within the comfort zone of 30% credit line.

Do look for a credit card with lower interest rate.

Don’t use your credit card to purchase your everyday needs; use the cash that you have allotted in your budget.

Don’t make small payments; try to pay bigger amounts so your interest will not increase.

Don’t use your card to purchase items beyond your budget.

Don’t choose a card whose terms are beyond your understanding.

These do’s and don’ts are simple guidelines which you can use to avoid the hassle of a credit card debt.

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