Credit-card debt has the potential to weigh on your mind day and night. It can mean you're not sure if you have enough funds to pay the minimums or that you have no idea when you'll be able to pay off what you owe.
The reality of credit-card debt is that it hinders your chances at a debt-free life. If you can't make payments over the minimums, there's a high likelihood that you'll pay on the debts far longer than you would like.
Credit-card debt doesn't have to be a way of life
Credit-card debt doesn't have to be a permanent part of your life. You will have to take a few steps to reduce and eliminate it, though. For instance, you need to start by making a budget. If you are just making ends meet, you need to find ways to cut back on spending. If you can't, consider working another job or selling something to pay just a little more on your debt each month. Even $10 more adds up over time.
Buying with credit cards is easy, but repaying them isn't. In fact, when you start out, your credit cards may be low. However, over time, the credit line increases, which might catch you off-guard. You'll end up in over your head in debt without realizing the damage. That's dangerous for your finances, so reach out to the creditor. You may be able to have the limit lowered permanently, so you don't risk overspending.
If your debt is out of control, bankruptcy is a possible resolution to the problem. It does typically eliminate credit-card debt, but it's important to look into all your options first.