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Credit Card Debt

Credit card debt is extremely common - partially because credit cards are convenient and simple to access, giving consumers a fast way to pay for everything from groceries to online services, home goods, and more. While it's difficult to get by in today's digital world without a credit card, the bigger challenge is managing credit card debt. If you have high card limits and tend to spend freely, things can get out of hand quickly. Even the most experienced credit card users can fall into financial traps.

If you're worried about credit card debt, it's not time to cut up your cards. Instead, you need to learn about the most common mistakes people make with credit cards, so you can develop better spending habits.

Common Causes of Credit Card Debt

When a newly minted credit card arrives in the mail, most people don't max it out immediately. The balance creeps up slowly as you use it for more and more expenses.

Cash Advances Through a Credit Card

Whether rent needs to be paid or a little extra money is needed for tuition payment, a cash advance provides instant money to solve an immediate financial crisis. Using your credit card's cash advance option means you can access cash as a loan against your credit limit. It's like withdrawing cash using a debit card at an ATM, except the withdrawn funds count against your credit limit. As a result, you need to pay the money back, with interest.

Large Purchases Placed on Credit

Another factor that can drive up credit card debt is one or more large expenditures, such as medical bills, furniture, or car repairs. When you need to make a purchase or pay a bill quickly, a credit card is one option for accessing the funds you need. Typically, when these large purchases are made, the consumer intends to pay the balance off quickly. When that doesn't happen, excessive interest charges come into play, making it hard to make any headway. When this kind of spending happens across multiple accounts, consumers may feel like they need to consider credit card debt consolidation to minimize the number of payments made per month.

Trouble Keeping Up with Debt

The temptation to overspend is a challenge, especially when you're having a hard time keeping up with bills and other everyday expenses. Consumers faced with hardship often take on a large amount of credit card debt paying for basic living expenses. The accumulation of these transactions leads to a larger and larger balance. Once you add interest costs and late fees, it starts to feel impossible to make even minimum payments.

Contributing Factors: Why It's a Challenge to Pay Off Credit Card Debt

Credit card debt can be a life-long sentence if you're not careful. It's easy to become so buried under debt that your monthly payments are merely staving off interest expenses. Numerous factors will play a role in your ability to pay down credit card debt. If paying off all of the debt doesn’t seem possible, looking into credit card debt help options like credit card debt reduction may be the best way forward.

Credit Card Account Structure

Not only do your purchases increase credit card debt, but the way the card is structured will also play a role in how quickly the balance maxes out. For example, many cards have a high Annual Percentage Rate (APR) that stacks up the interest charges rapidly. When you have a high APR, it's not enough to make only minimum payments, because those funds are simply going toward interest charges.

Maxed Out Credit Account

A credit card that you've charged to or beyond its limit can be especially difficult to pay down. At this point, you may start running into issues with declined payments, credit limit fees, and other costs. One option is to apply for a credit limit increase, but this solution only causes you to carry a bigger credit card debt load.

Misuse of Revolving Debt

Revolving credit means you have a changing balance on your credit lines, with payments and transactions affecting that balance. Credit cards are the most common type of revolving debt, with ongoing transactions that increase the debt load and payments that decrease the overall balance. Paying off the credit card balance simply frees up the card for more spending in the future. Most American consumers have excessive revolving debt because they use credit cards to pay for daily purchases.

Solutions: How to Knock Out Your Credit Card Debt

If you want to get out of the trap of credit card debt, then it's important to have a plan. You can use one or more of several strategies to pay down your debt and be relieved of the financial burden you're carrying.

Credit Card Minimum Payments

The credit card company indicates a specific amount that needs to be paid each month to keep your account in good standing. However, paying only the minimum due is the slowest method of paying off the bill. The interest will continue to pile up each month, perhaps stretching the repayment period out by a decade or more.

Credit Balance Transfers

Some consumers use credit card balance transfers to stave off heavy interest charges and start paying down the debt. If a credit card offers 0% interest on balance transfers, it could be a great way to start eating into those balances. However, note that the 0% offer is typically limited to a specific period. If your balance isn't at $0 by the end of the period, you may face retroactive interest expenses that put you in a worse position than you were before.

Debt Settlement

If you can't see a way to meet your debt obligations, it might make sense to work with a debt settlement company that can help you find credit card debt relief. The debt settlement provider will reach out to your creditors to negotiate a settlement on your behalf. Your credit card debt obligations shift to the debt settlement company, giving you one simple payment each month. The advantage is that you can control interest costs, eliminate multiple late fees, and simplify the payoff since you no longer need to manage multiple cards and balances. The bonus benefit is that you'll likely pay only a portion of your overall debt balance.

Credit card debt in America is rising. Most consumers know that they need to manage their credit card debt; however, it's not surprising that many find it difficult to stay ahead of the payments and interest costs. If you're facing balances that seem to grow each month, then it's time to consider options that will lead to financial independence from credit card debt.

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"When I called National Debt Relief, I was at a point where I was"

** Audited by: Dianne Ernsting ** Easy National Debt Relief Caller: Nocona Transcribed WE 2/28/2021 Nocona: The call is recorded. Tell me a little bit about how you came across National Debt Relief and why you decided on their program over some of the others that are available. TRACY: I actually did an internet search. National Debt Relief was the first one that came up. I looked at that one, and I kind of looked at a couple others. And it's been so long, I can't remember exactly what it was that made me interested in National Debt Relief over the others. But I ended up calling to just get some more information. And I talked to a woman. I believe her name was [Sierra Myers 0:01:08] or [Sierra Meyer 0:01:10]. I believe that's her name. Again, it's been a long time since we started the program. I can't remember. I mean, when I called, I was at a point where I was crying on the phone with her. And she was so kind and calm and caring and understood where I was coming from. And we had been through a really bad time. Our granddaughter had died at birth. And I just had gone into a complete tailspin. And that's why we ended up where we were. So I got information from her. I talked to my husband. And we decided to go with National Debt Relief. Nocona: Tell me a little bit about the customer service side of things. How did you feel about the way they handled any questions you had along the way or just the communication overall? What was it like? TRACY: I've been very pleased with the communication overall. I sometimes wish that things could go a little bit faster. [chuckles] But that's just because I just want to get through the program a little bit quicker. But just based on where we are and what we had to do and how much money we can put into it every month, we are doing what we can. But when I call and I have questions, they always answer my questions, and they do it very well. Nocona: Is there anything that you think they could improve about the process or anything you'd like to see them do differently? TRACY: No. The only thing that I know just sometimes -- and I don't think this is on National Debt Relief's side of things, but I know that a lot of times I'll get calls from debtors, and they're wanting information, and they claim that they can't talk to National Debt Relief. But I think that a lot is coming from the creditors' side of things, because they want us to settle with them. So just that part of it can be a little frustrating at times. But again, I think that's probably more on the side of the creditors than National Debt Relief. Nocona: Any advice for people that are thinking they might have to go through this kind of program? Anything that you think is helpful to either be aware of or to be ready for when you start it? TRACY: Definitely be ready for the fact that it's not something that is just a one-year program. It takes a while to get through. That was something that I was definitely not ready for. I didn't expect that we would still be looking at being in the program for at least another year, is something that I definitely did not expect. 'Cause I believe we started in 2018. And I had kind of hoped that at this point in time we would be getting ready to graduate from the program. So that's something that someone should be aware of. Not that it's a bad thing. Just being aware that it does take longer than what you think it will. Nocona: Just based on the experience you had going through the program, where would you put National Debt Relief from a one to a five, a five would mean you would definitely recommend signing up to their service, a one means you're very dissatisfied? TRACY: I would say 5. Nocona: Is it okay if we share your comments as a review on our public website to help people that are considering debt relief programs? TRACY: As long as you don't use my last name. Nocona: Yup. We don't publish last names. It just goes out with a first name. So it would just be under 'Tracy' if that's okay. TRACY: Yes, that's fine. Nocona: I have farney7218@gmail.com. Is that the right address for you? TRACY: Yes, it is.

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Tracy Sitko-Farney
ConsumerAffairs Reviews

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