Managing Credit Card Debt: Expert Tips and Solutions
The rising costs of nearly everything due to high and persistent inflation have led many Americans to turn to credit cards to help pay for essentials. However, this approach comes at a hefty price, as Americans collectively owe $1.12 trillion in credit card debt, with the average American owing almost $8,000 despite high annual percentage rates.
Managing credit card debt can be challenging, but experts suggest taking a realistic look at all of your debt, crafting a repayment plan for a DIY approach, and settling old debts and delinquent accounts. For those who need extra help, professional assistance from non-profits or debt relief companies can provide tailored solutions to lower interest rates or negotiate lower payment amounts.
While debt relief programs can be helpful, it’s important to screen companies beforehand and watch out for any red flags that could signal a scam. With the right strategies and assistance, tackling credit card debt can become more manageable for those facing financial challenges.