Learn 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. In fact, in April 2022 revolving debt topped $1.1 trillion for the first time in U.S. history. The bulk of that comes from credit card debt.
“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.”
The good news is that there are solutions that can help you pay off your balances in ways that are more efficient than those regular monthly payments you’re making. So, let’s dive into why credit card debt isn’t the solution you need right now and how you can actually solve your budget shortfalls by paying off credit card debt in a more efficient way.