{"id":6006,"date":"2025-02-13T23:58:59","date_gmt":"2025-02-13T23:58:59","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/credit-card-debt-hits-a-new-record-high-3-ways-to-tackle-yours-now\/"},"modified":"2025-02-13T23:58:59","modified_gmt":"2025-02-13T23:58:59","slug":"credit-card-debt-hits-a-new-record-high-3-ways-to-tackle-yours-now","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/credit-card-debt-hits-a-new-record-high-3-ways-to-tackle-yours-now\/","title":{"rendered":"Credit card debt hits a new record high: 3 ways to tackle yours now"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<figure class=\"embed embed--type-image is-image embed--float-none embed--size-medium\"><span class=\"img embed__content\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/assets3.cbsnewsstatic.com\/hub\/i\/r\/2025\/02\/13\/451035f8-a8bd-4056-9581-033ecbdabe10\/thumbnail\/620x413\/bb5d00aece541a0864cb2fa39034b691\/gettyimages-1437941704.jpg?v=f303dc12868a012283443d8b9123e5fe#\" alt=\"close up view of pink piggy bank upside down - finance crisis concept \" height=\"413\" width=\"620\" class=\" lazyload\" data-srcset=\"https:\/\/assets3.cbsnewsstatic.com\/hub\/i\/r\/2025\/02\/13\/451035f8-a8bd-4056-9581-033ecbdabe10\/thumbnail\/620x413\/bb5d00aece541a0864cb2fa39034b691\/gettyimages-1437941704.jpg?v=f303dc12868a012283443d8b9123e5fe 1x, https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2025\/02\/13\/451035f8-a8bd-4056-9581-033ecbdabe10\/thumbnail\/1240x826\/d146963867385666f31c5dd4b77f9e1f\/gettyimages-1437941704.jpg?v=f303dc12868a012283443d8b9123e5fe 2x\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20viewBox%3D'0%200%20620%20413'%2F%3E\"\/><\/span><figcaption class=\"embed__caption-container\"><span class=\"embed__caption\">These simple strategies can help your growing credit card debt from becoming a major issue.<\/span><\/p>\n<p>                  <span class=\"embed__credit\"><\/p>\n<p>                Getty Images<\/p>\n<p>                          <\/span><br \/>\n              <\/figcaption><\/figure>\n<p>Americans are sinking deeper into debt, and the numbers prove it. According to the latest Quarterly Report on Household Debt and Credit from the Federal Reserve, released this week, the total household debt nationwide <a href=\"https:\/\/www.newyorkfed.org\/microeconomics\/hhdc\" target=\"_blank\" rel=\"nofollow noopener\">surged by $93 billion in the fourth quarter of 2024<\/a>, bringing the overall total to a staggering $18.04 trillion. <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/heres-how-much-credit-card-debt-the-average-american-has-and-how-to-pay-it-off\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Credit card balances<\/a><\/span> alone jumped by $45 billion from the previous quarter, hitting a record high of $1.21 trillion by the end of December. Aggregate delinquency rates also ticked up during the fourth quarter of last year, with <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/credit-card-delinquencies-are-rising-ways-to-pay-off-what-you-owe\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">serious delinquencies rising<\/a><\/span> across credit cards and other types of lending. \u00a0<\/p>\n<p>In other words, it&#8217;s clear that many Americans are struggling to keep up with their financial obligations. And while other types of loan products are contributing to the issue, the reality is that <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/why-credit-card-debt-is-so-expensive-right-now\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">credit card debt is often the most difficult<\/a><\/span>\u00a0to manage due to the high interest rates these short-term borrowing products come with. For example, credit card rates are <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/credit-card-rates-near-record-highs-quick-ways-rid-of-card-debt-now\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">closing in on an average of 23%<\/a><\/span> currently, and unlike fixed-rate loans, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-are-credit-card-interest-charges-compounded\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">credit card balances compound<\/a><\/span> and can also quickly spiral out of control when only minimum payments are made.\u00a0<\/p>\n<p>And, with millions of Americans now relying on credit to cover everyday expenses <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/cpi-report-january-inflation-what-it-means-for-your-money\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">in the face of rising inflation<\/a><\/span>, tackling outstanding balances has become more critical than ever. If you&#8217;re one of them, the good news is that there are proven strategies to help you take control of your finances and start paying down what you owe.\u00a0<\/p>\n<p><a href=\"https:\/\/clicks.trx-hub.com\/xid\/cbsint_a10ef_cbsnews?q=https%3A%2F%2Fsecure.money.com%2Fpr%2Fa68c45e313e3%3Fs1%3Dhttps%253A%252F%252Fwww.cbsnews.com%252Fnews%252Fcredit-card-debt-hits-a-new-record-high-ways-to-tackle-yours-now&amp;p=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fcredit-card-debt-hits-a-new-record-high-ways-to-tackle-yours-now%2F&amp;event_type=click&amp;article_id=10a464a4-25df-4892-8c18-36ed29a10b79\" target=\"_blank\" rel=\"nofollow, sponsored, noopener\">Chat with a debt relief expert about your best options now<\/a>.<\/p>\n<h2><strong>Credit card debt hits a new record high: 3 ways to tackle yours now<\/strong><\/h2>\n<p>If you&#8217;re dealing with compounding card debt, here are a few effective ways to begin tackling it now.<\/p>\n<h3><strong>Debt consolidation<\/strong><\/h3>\n<p>One of the most effective ways to get a handle on credit card debt is <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/debt-consolidation-what-is-how-does-it-work\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">through debt consolidation<\/a><\/span>. This method involves taking out a single loan \u2014 typically with a lower interest rate \u2014 to pay off multiple credit card balances. By rolling multiple credit card balances into one lower-rate loan, you&#8217;ll streamline the repayment process and pay less in interest compared to your credit cards.\u00a0<\/p>\n<p>Another popular approach is <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/balance-transfer-credit-cards-save-money\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">using a balance transfer credit card<\/a><\/span>, which allows you to move high-interest balances onto a card with a temporary 0% interest period. If you qualify for a balance transfer offer and can pay off your debt within the promotional period, you could save significantly on interest. However, it&#8217;s crucial to <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/credit-card-fees-that-increase-the-cost-of-your-debt\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">be mindful of balance transfer fees<\/a><\/span> and make sure you have a plan to pay off the balance before the introductory rate expires, or you could end up paying just as much, or more, interest when the regular APR kicks in.<\/p>\n<p><a href=\"https:\/\/clicks.trx-hub.com\/xid\/cbsint_a10ef_cbsnews?q=https%3A%2F%2Fsecure.money.com%2Fpr%2Fa68c45e313e3%3Fs1%3Dhttps%253A%252F%252Fwww.cbsnews.com%252Fnews%252Fcredit-card-debt-hits-a-new-record-high-ways-to-tackle-yours-now&amp;p=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fcredit-card-debt-hits-a-new-record-high-ways-to-tackle-yours-now%2F&amp;event_type=click&amp;article_id=10a464a4-25df-4892-8c18-36ed29a10b79\" target=\"_blank\" rel=\"nofollow, sponsored, noopener\">Find out how to start tackling your debt today<\/a>.<\/p>\n<h3><strong>Debt settlement<\/strong><\/h3>\n<p>For those who are significantly behind on payments, debt settlement, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-is-credit-card-debt-forgiveness\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">also known as debt forgiveness<\/a><\/span>, may be an option. This approach involves negotiating with creditors to settle your debt for less than what you owe. You can approach this process on your own, but many cardholders opt to work with <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/best-debt-relief-companies\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">a debt relief company<\/a><\/span> that can negotiate on their behalf to try and lower the total balance owed.\u00a0<\/p>\n<p>But while debt settlement can provide relief, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/risks-of-pursuing-credit-card-debt-forgiveness\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">it comes with risks<\/a><\/span>. Settling debt for less than the full amount can negatively impact your credit score, and creditors are not obligated to agree to a settlement \u2014 so there&#8217;s no guarantee that you&#8217;ll see a positive outcome. Any forgiven debt may also <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-does-credit-card-debt-forgiveness-impact-your-taxes\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">be considered taxable income<\/a><\/span>, so it&#8217;s important to keep that in mind.\u00a0<\/p>\n<h3><strong>Debt management<\/strong><\/h3>\n<p><span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-is-a-debt-management-program\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">A structured debt management plan<\/a><\/span> can be a lifeline for those struggling to keep up with credit card payments. These plans, typically offered by <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-credit-counseling-can-and-cant-do-to-help-with-your-debt\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">credit counseling agencies<\/a><\/span>, involve negotiating lower interest rates and setting up a single, affordable monthly payment to cover all enrolled debts. Unlike debt settlement, debt management programs do not reduce the principal amount you owe, but they can make repayment more manageable and help you avoid late fees and penalties.<\/p>\n<p>Enrolling in debt management requires closing your credit cards, though, which can temporarily impact <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/whats-good-credit-score-determining-factors\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">your credit score<\/a><\/span>. However, completing a plan \u2014 which typically happens within three to five years \u2014 can help rebuild your credit and provide a clear path to becoming debt-free. If you&#8217;re considering this option, working with a certified credit counselor can help you evaluate whether a debt management plan is the right solution for your financial situation.<\/p>\n<h2><strong>The bottom line<\/strong><\/h2>\n<p>Credit card debt is at an all-time high, and with rising interest rates and economic uncertainty looming, now is the time to take action. Whether you choose debt consolidation, debt settlement or a debt management plan, the key is to develop a strategy that aligns with your financial situation and long-term goals. Avoiding new debt, making consistent payments and seeking professional guidance when needed can also help you regain control of your finances and work toward a debt-free future. The sooner you take action, though, the better positioned you&#8217;ll be to build a stronger financial foundation.<\/p>\n<p>    <!-- tags --><\/p>\n<div class=\"content-author\">\n      <a href=\"https:\/\/www.cbsnews.com\/team\/angelica-leicht\/\" class=\"content-author__name\" data-invalid-url-rewritten-http=\"\">Angelica Leicht<\/a><\/p>\n<div class=\"content-author__bio\">\n<div class=\"content-author__full-information\">\n<p class=\"content-author__text\">Angelica Leicht is senior editor for Managing Your Money, where she writes and edits articles on a range of personal finance topics. Angelica previously held editing roles at The Simple Dollar, Interest, HousingWire and other financial publications.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/credit-card-debt-hits-a-new-record-high-ways-to-tackle-yours-now\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>These simple strategies can help your growing credit card debt from becoming a major issue. Getty Images Americans are sinking<\/p>\n","protected":false},"author":1,"featured_media":6007,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[],"class_list":["post-6006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-stories"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Credit card debt hits a new record high: 3 ways to tackle yours now - World News<\/title>\n<meta name=\"description\" content=\"Credit card debt has skyrocketed in recent months, and if you&amp;#039;re carrying a balance, it&amp;#039;s time to fix the issue.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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