Let’s stop ignoring $1.3 trillion in credit card debt owed by millions of Americans
. Perhaps including byEven if you stop buying, balances grow like a cancer, because the average annual interest rate on credit cards is 20.75%, according to Bankrate . In most states, credit card rates are not subject to usury laws that set caps on consumer borrowing rates.
Depending on your card issuer, if you pay only the minimum monthly balance you could be paying for 10 years or more, with interest totaling double the amount you originally charged! So, what can — and should — you do? You’ll read and hear a lot of advice for getting out of credit card debt. Unfortunately, some of the popular recommendations will only make your debt problem worse. Below I list some of the more popular strategies, and I’ve graded them ranging from A to F.
And if you’re totally overwhelmed with debt of all kinds, contact the one trusted source of help — the. Call 800-388-2227. It will connect you to the nearest member agency. Fees are minimal and their advice is priceless.(Terry Savage is a registered investment adviser and the author of four best-selling books, including “The Savage Truth on Money.” Terry responds to questions on her blog at
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