According to the latest information from the Federal Reserve, credit card debt in the last quarter of 2022 rose to $986 billion. That's an increase of $61 billion.
The data also indicates a rise in credit card deliquencies, especially among young adults.
Growing credit card debt often leads to a financial crisis, triggered by higher fees and higher interest rates.
According to financial advisors, credit cards should be paid in full every month. Paying the monthly minimum only results in paying mostly for the interest accruing on the debt and makes little impact on the overall balance.
Advisors also warn about credit card companies offering zero interest, as up-front fees are often included in the offer and the zero interest is for a limited time, often defaulting to even higher rates than your previous card.
Has credit card debt overwhelmed you to the point you feel there is no way out?
Through financial restructuring, debt resolution, or legal options including but not limited to bankruptcy, there are ways to relieve the pressure and chart a path to a better future. Don't be embarrassed, don't be hesitant, you are not alone, and taking action now is the smart approach.
Call us at (731) 423-1888 and schedule a free consultation.
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Call us at (731) 423-1888