Credit Summit

Credit Summit is a website about getting out of debt. We write plain-English posts for ordinary individuals struggling to get out of debt and gain access to credit.

The Best Alabama Debt Consolidation Companies of 2020

Many Alabamians wrestle with credit card, auto, medical, payday and other debt types. Even though The Yellowhammer State has a reasonably strong economy with 2.7% GDP growth, and a historically low unemployment rate of 3.5%, 18.90% of residents live below the poverty line. Many have debt struggles. The average Alabamian has $1,787 in personal debt, …

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If I owe a payday loan, can I get another? Yes, but you probably shouldn’t

A common question anybody struggling with payday debt has asked is ‘Can I get another payday loan if I already have one?’.  The short answer is that yes, you usually can get another payday loan.  However, it will likely not be from the same lender, and will be on worse terms. Instead of getting another …

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US Credit Card Debt Statistics & Data – Updated 2020

Since the Diner’s Club card first became available in 1950, Americans have been enamored by the concept of the credit card. Additional creditors like American Express followed suit soon after, kickstarting American’s love affair with credit. While credit cards are convenient, and provide consumers with additional purchasing power, it’s easy for things to go south …

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US Bankruptcy Statistics & Data – Updated 2021

If you’re dealing with financial struggles that have you considering bankruptcy, it’s common to feel like you’re alone in the world. But, hundreds of thousands of Americans declare bankruptcy each year. While many people tend to look at bankruptcy as the result of reckless spending and poor financial management, bankruptcy statistics show that most filings …

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Microfinance, Microlending and Microcredit Statistics – Updated 2020

While it’s a relatively new financial concept, the concept of microfinance is an incredibly powerful one. Microloans and other forms of microfinance may have the power to reduce global poverty while providing much-needed financial services to a sector of people that are most commonly underserved by traditional financial products. Not to be confused with predatory …

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