This Is Why Credit Card Debt And Social Media Are Not A Good Combination
Almost every child is taught that one day they will be able to buy everything they want in life if they study hard to get a good career. However, adults don’t really say anything about getting into debt. Credit cards existed because people wish to get something even if they don’t have the money for it yet so even if they have to pay for interest, they don’t really mind. It would seem that more and more Americans are getting into it that they have set a record on having the most amount of debt. However, it is very important for you to be careful though especially nowadays that with social media taking over the world, you may be exposing yourself and your credit card debt to debt collectors.
Americans and Credit Cards
According to the most recent study by the Experian, it was revealed that an average American has at least two to three credit cards under their names the and have a credit card balance of $6,375 which is said to be an increase form last year. In fact, the Federal Reserve recently reported that the goal credit card debt Americans have is now over a trillion dollars.
Financial experts believe that people prefer to pay in credit because of its convenience even if it is literally putting them in way more debt. Credit cards also have the power of luring people to spend more and more money that they don’t really have on stuff that they don’t need. Experts believe that not everyone knows what they’re doing with their credit cards, all they know is that it allows them to use the money they don’t have even if they have to pay extra for it later on.
No one wants to be in debt and literally no one wants to stay in debt for so many years. That is why more and more people are trying to figure out how they will be able to pay off their debt quickly. They do get so many benefits from these credit cards, but it does have a catch.
Of course, the only time they would hate it is when their credit card bill comes in the mail and so the debt keeps on piling up. On a recent survey, it was revealed that most Americans are willing to give up their social media usage for an entire year if their credit card debt will disappear. This is or course saying a lot since social media nowadays has been a massive part of almost everyone’s lives. Americans are not just losing money, they are also losing a lot of sleep with how much time they spent using social media. However, not all of them know that social media does play a part in people’s credit card debt.
How Social Media Plays A Role in Debt
According to the Pew Research Center, about 69 percent of adults in the United States are on social media, and a huge percentage of them have credit cards and are in debt. More and more people are getting into social media and sometimes people tend to overshare, tech experts always warn people that oversharing may put them into trouble so it is not exactly ideal to put everything out there, especially when it comes to personal information.
What most people don’t know is that debt collectors find social media to be very useful in order to get contact details and information about people. This is despite the fact that under the law, debt collectors may only reach you whenever you are available, they are not even allowed to pay you a visit at work. This doesn’t necessarily mean that they can snoop around your social media especially if you are letting literally anyone see it.
It is very important that you know your rights when it comes to debt, but it is your responsibility to make sure that you are not letting yourself be vulnerable especially online. Make sure that you know all about the Fair Debt Collection Practice Act or the FDCPA. It is basically the law that protects you from illegal actions that are taken by debt collectors and that involves misuse or social media. They are not allowed to add you on it, and may only contact you there by letting you know firsthand that they are debt collectors. They are also not allowed to add or message your friends about the debt that you have or gain information from them about you.
More in Loans & Mortgages
Things You Didn’t Know Your Car Insurance Could Cover
When you hear about surprising things that can come from car insurance, it’s usually something like rate increases and mishandled claims....March 1, 2019
Financial Setbacks Rock Social Media Giants Twitter, Facebook and Snap Last Week, but Can They Make a Turnaround?
Stocks in the social media fraternity received a major pounding last week after executives from social media giants like Twitter and...March 1, 2019
With the Rise of Robo-Advisors, What is the Financial Advisory Industry’s Future?
In this modern world where technologies continue to evolve, new state-of-the-art robot-advisors like Betterment and WealthManagement have emerged that threatened to...March 1, 2019
Struggling to Find Your Ideal Career Path? These Tips Will Help You Sort It Out
One of the most common trends we see with millennials today is that they all seemed to be quitting their jobs...March 1, 2019
Fans Wait with Bated Breath as Apple Unveils 3 New iPhones
iPhone enthusiasts are now abuzz on social media after being brought to life with last week’s grand announcement that the company...March 1, 2019
How to Get The Best Price On Auto Insurance After Making Online Comparisons?
It is a fact that using online methods can get you good auto insurance prices. When you begin your search online...March 1, 2019
Common Mistakes that are Sabotaging Your Career Search
You’ve finally graduated and you’ve reaped all the hard work, the efforts, the sacrifices you did just to study hard and diligently...March 1, 2019
Can Chevron Car Business Reduce Climate Change?
While the world is enjoying and reaping the benefits of technology as well as our state-of-the-art facilities that have improved our...March 1, 2019
Double Check Your List and Don’t Pay for These Things with Your Credit Card
At some point in our adult lives, we have experienced having no cash at all. Maybe we do but we don’t...March 1, 2019