Credit Card Debt
A no-hassle guide to understanding and elimating your debt.
Here’s the top credit card debt stories making headlines today.
The average family now has over $16,000 in credit card debt. That’s close to the average balances from 2007 just before the Great Recession.
A creditcards.com study revealed that residents in Alaska have the highest balances. By contrast, Iowa credit card users have the lowest.
That debt will likely cost more this year thanks to a Federal Reserve interest rate hike. Unless you have a fixed credit card, which is rare, the APR on your credit cards has probably increased, too.
And finally, a new TransUnion report says more people are likely to fall behind on payments this year.
For more information visit the Credit Card Debt section of CosolidatedCredit.org.
Top Credit Card Debt Statistics
the average total credit card balance for American households
the average credit card interest rate today
the total interest credit card charges you can expect to pay in a year
What you need to know about your debt
Eliminate debt effectively
If you’re working to eliminate high interest rate credit card debt, we can help you identify the right solution for your financial needs so you can avoid the guesswork and stop the sleepless nights.
- Debt Help Guide
- Reduce Debt within Your Budget
- 5 Options for Debt Relief
- Debt Relief Do’s and Don’ts
- 3 Reasons Why You Can’t Eliminate Your Debt
- Where to Go for Debt Advice
- Debt Repayment Calculator
Do you need help?
Most people prefer to solve debt problems on their own, but at a certain point you may require help to get out of debt. If you’re not sure if you’ve crossed that line yet, these resources can help.
Credit card consolidation
Credit consolidation is the process of combining multiple credit card debts into a single payment. The goal is to lower the interest rate applied to your debt so it’s easier to repay.
- A Guide to Credit Card Consolidation
- 5 Reasons Credit Consolidation Can Fail
- How to Use a Credit Card Debt Consolidation Loan
- Using a Balance Transfer for Credit Consolidation
Understand your cards
Often credit card debt problems stem from a lack of understanding about how your credit cards work. Don’t let debt become a problem just because you failed to read the fine print!
- Credit Cards 101: The Basics
- Credit Cards 201: Use Credit Strategically
- APR: The Silent Killer on Credit Card Debt
- Decoding Your Credit Card Statement
- The Secrets of Secured Credit Cards
- The Right time to Give a Teen Credit
Credit cards vs. other debts
Learn how credit card debt fits in with other consumer debts. The more you understand your debt, the better you can prioritize repayment and make effective plans for debt elimination.