Several Factors Underlie This Trend

16,048 worth of interest-bearing credit card debt, which is perched around highs not seen since the Financial Crisis. Several factors underlie this trend, including the fact that expense growth has outpaced wage growth over the past decade, and Americans have a hard time sticking to a budget. We Fools always encourage smart use of credit card debt.

Paying off high-interest debt is a vital investment in your eventual financial security. But in some instances, taking on a manageable amount of credit card debt makes sense. There is such a thing as good debt. We've compiled several essential credit card tips and insights in the following videos and articles. They cover topics including the best balance-transfer credit cards -- which can help cardholders cut their interest payments with a 0% introductory APR -- and the difference between good debt and bad debt. You'll find a wealth of helpful information to help you start paying off debt.

Credit debt also ruins your credit ratings. So if you want to improve your credit ratings and want to stay out of debt, get the help of credit card debt management in the US. Credit debt carries a huge amount of interest. The interest charged on your credit cards can be as high as 23-25%. Therefore, you see it is not easy money after all. All that you have to do is be regular with your debt consolidation loan payment and you will be out of your debt in as little as 3-5 years.

Without debt consolidation, it would probably take you 15-20 years to get out of your debt. It is then your wise choice that will take you to a life without debts. It may take a willingness and small investment to start with, but in the end you will benefit more from advice and guidance by debt consolidation consultants.

It is very easy to get into a habit of using a credit card to buy things you want, but that you cannot afford. It is very easy to get into a habit of using a credit card to buy things you want, but that you cannot afford. When you get your bill, the credit card company tells you the minimum that you must pay to stay in good standing, and it is very tempting to only pay the minimum.

But if you do, keep in mind that the remaining of the money that you have charged is still your responsibility. Not only that, but the company will also tack on an interest fee that you will have to pay for "borrowing" their money to pay for the things that you have purchased.

Before you know it, you may be in over your head with credit card debt that is more than your annual salary! It is very common for college students to get in over their heads with credit card debt. Credit card companies visit campuses across America each day and give away T-shirts and other promotional items simply for signing up for a credit card.

Try not to fall into this trap, because that "free" item can land you in lots of debt that can take years for you to pay off! Another group that often gets bogged down in credit card debt is single parents, or parents with a single income. Children are expensive, and it is tempting to spend more than you can afford when taking care of a child.

Each dollar you spend on a credit card will ultimately be your responsibility, and it only grows over time with interest charges and fees. To avoid credit card debt, here are a few tips. Pay off the balance each month to avoid fees and interest charges. Use the card sparingly and only buy things that you know you can afford with the money that you have today, not the money you will make next month or some other time in the future.



Keep track of your charges by either visiting the credit card's online site or by treating it as if it is a checking account and writing down all of your charges. If you know when you are approaching the limits of your monthly income, plan accordingly and try not to charge more money. Good luck in avoiding these pitfalls!