Credit Card Debt
How to use credit without endangering your financial stability.
When you think about it, getting credit has almost become a rite of passage. As kids reach adulthood, they ask for credit to gain more independence. We’re constantly inundated with commercials and mailing offers about the latest and greatest card we just can’t live without.
Unfortunately, this has led to significant challenges with debt. Many families have credit card debt equivalent to a loan you’d take out on a luxury car… or more. When so much of every paycheck goes to debt payments, it’s no wonder people wind up in financial distress.
Still, using credit doesn’t mean you have to face debt problems. When used correctly, credit cards can be an effective tool and an integral part of your financial strategy.
This section of our website is designed to teach you what you need to know about credit cards and how to handle the debt effectively. If you still have questions or need help getting out of debt, give us a call at or request help now with a free Debt & Budget Analysis.
Featured video: Credit card debt explained in 60 seconds
How Does Credit Card Debt Compare to Other Debts?
The first step to understanding this type of debt is to understand how it works and how it compares to other types of debt, like your mortgage or auto loan. This helps you prioritize debts and plan for debt payments in your budget.
These resources can help you gain a better understanding of debt:
How Do My Credit Cards Really Work?
If you want to be successful at using credit, you have to become an expert on how your credit cards work. This helps you avoid common pitfalls that can leave you trapped with out-of-control debt payments.
These resources will help you master your credit cards:
Eliminating Your Debt
Mastering debt means being able to develop the most time and cost-efficient plans for eliminating it. You should never be satisfied just making the minimum payments required if you can do more.
The following resources help you learn to eliminate debt effectively:
Credit card consolidation
If you make payments month after month, but your balances never seem to go down then it may be time to consolidate your credit cards to simplify your payment schedule and reduce the interest rate applied to your debt.
These pages can help you consolidate credit cards successfully:
- How credit card consolidation works
- 10 warnings when consolidating credit card debt
- Do-it-yourself consolidation guide
- Why debt consolidation fails
- Credit card debt consolidation loan guide
Additional Helpful Resources
Still have questions? There’s always something more you can learn when it comes to your credit cards.
These resources can help you go further in understanding your debt: