Credit card debt is unfortunately a likely outcome for people who are affected by disasters as the recovery process is long, expensive, and can put a significant financial strain on a family. Our friends at LendEDU put together this great resource on real solutions for getting out of credit card debt… it is possible!
Credit card debt is a means to an end for millions of consumers each year. The ability to quickly pay for an unexpected expense, such as a car repair or a medical bill, is one of the biggest benefits of having available credit. However, without a plan to pay off credit card balances, many people find themselves drowning in high-interest credit card debt.
Over the last year, the total amount of consumer debt hit a peak. As interest accrues on revolving debt balances each month, it can seem like there is no end in sight to paying off what is owed. This is especially true when interest rates are over 20% on some credit card accounts, and only the minimum monthly payment is being made.
Fortunately, there are ways to dig yourself out of credit card debt and get back on track with your financial life through one or more of the following strategic methods.