There are over 600 million credit cards held by U.S. consumers and the average credit card debt per household averages about $16,000 according to the Federal Reserve’s February 2012 report on consumer debt. Just because your card company offers you a $5,000 limit, doesn’t mean that you have to come close or exceed this amount. Some of this debt can be a reflection of carrying a high credit card balance or maxing out on credit card purchases. With the average credit card holder owning 3.5 cards, it’s important to manage and keep track of purchases made with your card, so you don’t go over your credit card limit or cap.
If for some reason you are nearing your credit card limit or if you go over your limit, there are dire consequences. You should be aware and prepared for the penalties and fees that will incur. When you max…
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