How to Get Out of Credit Card Debt
Consumer credit card debt is on the rise in the face of record inflation.
If rising prices are forcing you to rely on your credit cards, you’re not alone. Credit card balances have risen to new heights, and Americans have added $144 billion dollars in debt from the previous year, according to the latest data from the Federal Reserve.
“Inflation is rising at a rate that we haven’t seen in 40 years and that’s tough on people,” Herman explains. “If your household income hasn’t increased at an equal rate, then your budget is getting squeezed. And unfortunately for many Americans, they are turning to credit cards to make up the difference. But that’s not a permanent solution. In fact, adding to your balances will increase your credit card bills, making a tough situation downright impossible.”
If you want to pay off credit card debt and learn how to manage it better in the future, you’ve come to the right place. This section of Consolidated Credit’s website is dedicated to helping you learn how to get out of credit card debt effectively, along with how to avoid new debt problems in the future.