2023 Credit Card Debt Up 14 %

Do you have credit card debt?

The 2023 American Household Credit Card Debt Study reveals that credit card debt is up nearly 14% compared to last year. Income hasn’t kept pace with the cost of living over the past four years, and overall debt has increased. According to a NerdWallet survey, most Americans are trying to pay off credit card debt, but they’re hampered by the high cost of goods and interest rates. Credit card debt is one of the worst forms of debt that you can have. Make a plan to stop using your cards, pay them off completely, and never get into the situation again. Here’s how:

Contact your credit card issuer and politely ask for a lower rate. Consider a balance transfer card if you can pay it off before the introductory rate expires. Then stop adding to your debt. Save $1000 in an Emergency Savings Account. Sounds crazy, but you’ll stop relying on your credit cards for unexpected expenses. Then reduce your spending or increase your income by living on a budget. This will provide extra money to apply minimum payments enabling you to reduce the balance as soon as possible. Aim at paying off the card with the highest interest rate first. That’s where the pain is coming from! Get that one paid off, then apply that money towards the card with the next highest rate, and keep going. Never lose hope. Ask God to give you the strength, courage, and perseverance to do it!  With Him, all things are possible!

And if you’re stressed over credit card debt, let Christian Credit Counselors help. They’ll create a debt management plan that works for you. For more information call the Crown Helpline: 800-722-1976 or visit online at crown.org/ccc.