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Your options when struggling with credit card debt

If you have been dealing with quickly accumulating credit card debt, you're probably worried about the future and the implications that not keeping up with repayments might have. It's especially important that you don't simply ignore these types of financial problems, and that you instead keep yourself updated in regard to the status of your finances.

Getting control of credit card debt doesn't need to be difficult

Credit card debt can arise seemingly out of nowhere. If you have several credit cards and you rely on them regularly to purchase daily items, you may start spending more than you earn. If you do not keep track of your spending and don't pay back the minimum repayments on your credit cards within the given time frame, you may end up in a cycle where you need to pay back credit card fees that you cannot afford.

Why is credit card debt such a common problem?

Credit cards are tools that are primarily designed for convenience. They are intended to only be used by those who can afford to pay them back. However, many people use credit cards as their primary payment method, and they can get into the habit of spending much more than they have the ability to pay back in a reasonable amount of time.

How can I avoid credit card debt?

When a person is struggling financially, they will likely start to depend more on credit cards to pay for their daily expenses. This can be tempting to do, but it can quickly spiral out of control, especially if the person starts to pay for non-essential items such as luxury clothing or restaurant food.

How to quickly clear credit card debt

Those with financial struggles often tend to use their credit cards when they are short on funds in their debit accounts. This can become a bad habit and could get out of control over time. If you get behind on your credit card repayment obligations, you may feel stressed about not being able to pay back your debts.

What is the CARD Act of 2009?

The Credit Card Accountability Responsibility and Disclosure Act (CARD Act) was made a law by the United States Congress in 2009. At the time, it aimed to reduce creditors' abusive or deceptive practices. The Consumer Financial Protection Bureau (CFPB) enforces this law.

What is the average credit card interest rate?

The interest rate is incredibly important when choosing a credit card. If you cannot pay the balance off every month, you're going to need to pay for that loan -- which is all a credit card is, really -- and the interest rate determines how much it costs. Many people who run into problems with credit card debt get trapped in a cycle where they can only afford to pay the interest and they never make any headway on the balance.

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