As of 2020, US households have more than $880 billion in credit card debt; this is a staggering number that impacts millions of American's lives. We may aim to pay off our credit card debt in full each month, but too many of us don't succeed. Rising costs of living, stagnant incomes, unexpected life events, and undisciplined spending are common factors that lead to growing numbers of Americans struggling to get out of debt. Factor in the high-interest rates that creditors are allowed to charge, and finding a way to manage your debt effectively can be a challenging task.
How to Get Rid of Debt
An important first step to achieving debt relief is to look at the different ways you can solve your debt problem, whether working on your own or with a professional debt relief firm. One place to start is to assess who you owe, how much you owe, and the lifetime cost calculations of paying off that debt. You can start with this handy debt consolidation calculator tool.