As much as we all would prefer to handle things on our own, there are times in our lives when we all need some help. When it comes to paying down your credit card debt it can be an overwhelming task that often leads to a dead end for consumers. The interest rate on a credit card balance is usually between 10-30% (APR). These high interest rates can be very costly and make it difficult for people to pay down their debt in a reasonable time. Most consumers can afford only to make their minimum payments so the smallest balance can take over a decade to pay off. It’s no wonder getting out of debt seems so hard.
If you were to fall behind on the accounts it gets even more difficult to get back on track. Your creditors will increase your rates and tack on late and over the limit fees making it impossible for someone facing a hardship to catch up. Unfortunately most people choose to do nothing and hope things will get better. This can be very expensive. Eventually your debts must be handled. Unless you can afford to pay your balance in full every month, you may want to consider other options that are available.