The Average Consumer Has $6,329 in Credit Card Debt. Here’s One Smart Way to Get Out
Written by
Carson Kohler
Edited by
Nick Friedman
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Americans owe a record amount of money on their credit cards.
Credit card balances increased by $27 billion during the second quarter of 2024, totalling a record $1.14 trillion, according to the New York Fed1. That’s 5.8% higher than it was a year ago.Taking a closer look, in June 2024, 50% of credit card holders say they carry a balance month to month, a Bankrate survey found2. That’s up from 44% in January. Additionally, TransUnion found that consumers owe an average balance of $6,3293.
If you fall into this camp, you’re not alone. But there are ways out.
Like many, you’ve probably read about debt consolidation, refinancing, getting a part-time job, saving money… But that’s a lot. What you might not know is that there are programs out there that can handle a lot of the heavy lifting for you, like National Debt Relief. They could even negotiate with your lenders to get you out of debt for less than you owe.
Why More Americans Have Credit Card Debt
More and more consumers are turning to credit cards as they navigate the modern financial landscape.
For one, the high cost of living is impacting a lot of people. Affording rent, groceries, electricity and other essentials is a lot more difficult than it was a few years ago. On top of that, many workers feel their wages aren’t keeping up.
There might be some psychology at play here, too. Some Americans want to make up for time lost during the pandemic, so they’re splurging on travel, entertainment and other experiences. Experts are calling this “revenge spending.” It’s worth noting that 38% of U.S. adults say they’re willing to go into debt for discretionary purchases, according to Bankrate4.
But there’s another large factor at play that’s out of your control: credit card interest rates. Credit card interest rates are averaging 24.92%. That’s the highest rate LendingTree has clocked since it started tracking rates back in 20195. This can contribute to higher credit card balances and spin consumers into a cycle of debt.
A Lesser-Known Way to Get Out of Credit Card Debt
Whether having credit card debt is new for you, or you’re like many others who have been carrying a balance for longer than you’d like, there are ways out.
Many people don’t realize that there are programs out there that can handle a lot of the heavy lifting for you.
For example, National Debt Relief, rated A+ and fully accredited by the Better Business Bureau, has a team of debt specialists who help people get out of debt. It’s even possible to get out of debt for less than what you actually owe.
Here’s how it works: You schedule a consultation with a debt expert and give them a rundown of your situation, then they’ll look into your debt relief options. This is totally free, no obligation.
They’ll come back to you with affordable, personalized options: With debt settlement, National Debt Relief’s experts will negotiate directly with your lenders on your behalf to agree on a reduced balance, so you could pay less than what you owe and get out of debt much faster.
With debt consolidation, all your debt will be combined into one new loan, ideally with a lower interest rate. This will help you pay off your balance faster and save you money on interest payments in the long run.
National Debt Relief’s experts will help you weigh the pros and cons of all your options. Once you approve the plan, National Debt Relief will get to work. So far, National Debt Relief has helped more than 550,000 people get out of debt.
There’s no need to be part of the credit card debt statistics anymore. If you’re even a little curious if this could help you work your way out of credit card debt, it’s worth setting up a free consultation.
Sources:
1https://www.newyorkfed.org/microeconomics/hhdc
2https://www.bankrate.com/credit-cards/news/credit-card-debt-report/
3https://newsroom.transunion.com/q2-2024-ciir/
4https://www.bankrate.com/credit-cards/news/credit-card-debt-report/#key-takeaways5https://www.lendingtree.com/credit-cards/study/average-credit-card-interest-rate-in-america/
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