Credit card debt can make your life miserable. It can weigh down your finances and make it hard to make ends meet. Even if you've only had to put a few thousand dollars on your credit cards because of an emergency, it can take many months, or years, to pay that debt off.
Credit card debt has the potential to become overwhelming, straining your finances and making it seemingly impossible to get ahead. One of the most popular questions people ask is how to consolidate that debt, so that it's easier to manage.
Credit card debt has become a significant problem for Americans. Individual credit card debt stands at around $5,331 as of 2019. In most cases, Americans don't pay the amount owed in full, either, which is another issue. By not paying in full, they face interest accruing; Interest can exceed 25 percent annually.
Many things can cause you to run up credit card debt, but not all of those reasons are bad. You may have to rely on credit to pay for life's necessities. This might be due to a layoff or a medical condition. When emergencies happen, your credit cards can be a lifeline. Unfortunately, that lifeline can prove to be a challenge in the future.
Credit card debt isn't something that you should carry from one month to the next. Instead, you should try to pay the balance off every month. While it is understandable that this isn't always possible, it is a good goal to have. Of course, there is a chance that something will happen that could prevent you from being able to pay off these bills as you have in the past.
Credit card debt can be something that holds you back or helps you as you improve your life. You might take on debt in the short-term to buy furniture for a new home or place your purchases on a card to reap the rewards of cash-back offers.
Most people have some amount of credit card debt. The issue isn't really that people have debt, though, it's that so many people have too much.
Credit card debt can be difficult to pay off once you have a significant balance accrued. One thing that can make this even worse is that you are having to pay for the interest and possibly other charges associated with the accounts. Some Americans might look at their credit card accounts and realize that they've bitten off more than they can chew, partially because of the holidays.
This is a time of year when many people want to go out and purchase gifts for their loved ones. You might fall into the temptation of putting it all your credit card, but this can be dangerous if you aren't careful with how you handle those bills.
Most people in America have some amount of credit debt that affects them each month. It's normal for a large group of people to have balances on credit cards and to maintain those balances from month to month.