As persistent inflation continues to impact people's finances and elevated interest rates continue to increase borrowing costs, a troubling reality has emerged: nearly one in five credit card users are now maxed out, according to the latest Quarterly Report on Household Debt and Credit from the New York Fed. Credit card delinquencies are also climbing, with nearly 9% of credit card debt categorized as delinquent in the first quarter of 2024.
In turn, they can help save thousands in interest charges while providing a clear path out of debt, provided that you are diligent about paying off what you owe.Use debt settlement to cut down on what you oweIf you're facing insurmountable unsecured debt with no way to pay it off in a reasonable timeframe, debt settlement may be an option worth considering.
Source: Loan Digest (loandigest.net)
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