People with good credit are believed to have better financial management skills. In a recent consumer survey from Marcus by Goldman Sachs®*, 34 percent of consumers with good credit (FICO 660 and above) are in credit card debt and 41 percent view credit card debt as an area they wished they had more control over. Even people with excellent credit scores (FICO 660 or higher) can fall prey to high-interest credit card debt. This includes hidden interest rates and variable interest rates. This can make it seem impossible to resolve debt.
It’s easier for most people to get into debt than to get out. According to NerdWallet’s 2016 American Household Credit Card Debt Study, the average household with credit card debt has balances totaling $16,748**. Everyday expenses as well as unexpected costs, such as braces for the children, a leaky roofing or a broken water heater, can impact everyone. It’s easy for many to fall behind and turn to high-interest credit card debt as a way to get ahead. For people with seemingly insurmountable credit card debt, it can cause stress and be very stressful. People feel limited in their ability to manage their finances because of this stress, and the stigma that surrounds credit card debt.
Marcus by Goldman Sachs conducted a consumer survey and found surprising numbers about Americans who have good credit but are struggling with credit card debt. Many people are unaware of other options to help pay off their credit card debt, and resort to desperate measures to get assistance. 34% would consider selling household items to pay the bills, while 38% would consider a second job.
But there are other ways to get rid of the credit card debt cycle.
Marcus by Goldman Sachs offers a personal loan with a fixed rate and no fees that is an alternative. For those with good or excellent credit (FICO660 and higher), loans are available from $3,500-$30,000. Lending terms can be up to six years. Interest rates range from 6.99% to 23.99%.
Marcus has U.S.-based dedicated loan experts who provide personalized, live support. There are many other options. Marcus.comYou can also use a savings calculator without affecting credit score to estimate how much you could save on high-interest variable credit cards debt.
Explore your options for debt management, whether you are looking to consolidate debt or need a loan that suits you.
*The Marcus by Goldman Sachs Debt Survey was conducted between November 9 and November 16, 2016 among 1,000 nationally representative Americans ages 22 and over, using an e-mail invitation and an online survey.
**NerdWallet’s 2016 American Household Credit Card Debt Study is based on data from the Federal Reserve Bank of New York and the Census Bureau.
