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Credit Card Debt Help
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Credit card debt is at an all time high, with almost one trillion in revolving US consumer debt and $95 billion in credit card debt charging off each year. With rising fuel and food prices, it's getting harder to get ahead. You can find your way out of debt and into financial freedom, though. All you need is determination and a willingness to do what it takes.
Bills.com is here to show you the way out of credit card debt. You have several options for consolidating debt, which will make it easier to manage. Consolidation isn't the only step though. You also have to find ways to reduce expenses or increase your income. We'll show you how to create a budget and then plan to get free of credit card debt. Start by visiting the Credit Card Debt Savings Center to explore your consolidation options.
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Read a personal story about credit card debt to gain a better understanding of what's involved. Credit success story
Credit Card Debt FAQs
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What Is the Average Credit Card Balance?
The average credit card balance is $2,200, or about 5% of family income. Some families owe significantly more, while others have no credit cards at all. Nearly half of all Americans carry credit card balances. -
Does Credit Card Debt Hurt My Credit Score?
Yes, it can lower your score. Credit reports show a snapshot of all your credit card balances in comparison to the total credit limit. A continuously high balance results in a lower credit score, as it shows a higher credit utilization. If you max out your credit cards or even miss a payment it can negatively impact your score. -
How Does Debt Consolidation Help?
Debt consolidation can help you consolidate credit cards into one new account, with a consolidation loan, or by using a consolidation service that acts as your representative with the creditors to pay off debt faster and for a lower cost.
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Glossary of Credit Card Debt Terms
APR: The annual percentage rate is the interest rate charged over a period of twelve months.
Credit Report: A record of your credit accounts, including balances, credit limits, and payment history. Closed accounts continue to appear for up to ten years.
Credit Score: A three-digit number between 300 and 850 that determines your creditworthiness. The number is derived from a formula that considers current balances, current available credit, new credit, past payment history, and length of credit.
Credit Counseling: A service that reviews your finances and then enrolls you into a Debt Management Plan or a DMP. The benefits of a debt management plan are that your interest rates and fees could be lowered, thereby lowering monthly payments.
Debt Consolidation: Combining several debts or loans into one larger loan through a consolidation, frequently by refinancing a home loan. Your payment term will usually be extended, but your payments and interest rate will be reduced.
Debt Management Program: A program that consolidates your debts, often with no interest. You make one payment to the program, and it distributes the money to your creditors.
Debt Negotiation: Debt Negotiation or Debt Settlement is a program for reducing consumer debt via negotiated debt settlement to a lower level, typically with a low monthly payment, while avoiding bankruptcy.
Debt Settlement: Another term for debt negotiation, whereby you reach a negotiated settlement on your debts with your creditors.
Debt Relief: Debt relief means seeking help and aid in resolving debts, including debt consolidation loans, credit counseling, loan modification, forebearance, debt settlement, or even bankruptcy.
Revolving Debt: Debt that draws upon a credit line that is continuously used and paid back. Credit cards are revolving debts while mortgages are installment debts.
Average Mortgage Rates
| program | apr |
|---|---|
| 30 Yr Fixed | 6.44% |
| 15 Yr Fixed | 6.11% |
| 30 Yr Fixed Jumbo | 7.79% |
| 15 Yr Fixed Jumbo | 7.05% |
| 3/1 ARM | 5.96% |
| 5/1 ARM | 6.16% |
| 7/1 ARM | 6.43% |
| 10/1 ARM | 6.79% |
| 3/1 ARM (I/O) | 6.01% |
| 5/1 ARM (I/O) | 6.22% |
| 7/1 ARM (I/O) | 6.49% |
Credit Card Debt Articles and Advice
Information about Credit Card Debt
See how you compare to the national statistics on debt. Are you ahead of the game or behind?
Credit card debt info
Types of Credit Card Debt Relief
Discover your options for getting out of credit card debt. You can get out of debt starting today.
Credit card debt relief
Your Credit Card Debt Solutions
Find your situation, and then find the solution to your specific credit card problem.
Credit card debt solutions
How to Find Credit Card Relief
Learn the steps to getting out debt permanently, staring with your credit cards.
Credit card relief
Credit Card Debt Reduction Options
Explore more options for reducing your credit card debt and find solutions for additional situations.
Credit card debt reduction
More Credit Card Debt Help
If the credit card relief steps aren't enough, consider taking more drastic steps to control your credit card spending.
Credit card debt help
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