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A new survey reveals that nearly half of the US adults (47%) have increased credit card debts. That’s approximately 120 million Americans. 34% of the millennials went more deeply into debt because of the pandemic. According to the CreditCards.com poll, illness isn’t the only symptom of the COVID-19 – the credit card debts are also increasing with the pandemic.
Millennials Faced The Toughest Challenges
As per CreditCards.com’s debt poll, one in three Millennials said they are in more debt than they were before the pandemic. It’s no wonder millennials have had a harder time accumulating assets than Gen Xers and boomers. The majority of the millennials suffered work disruption due to the pandemic and their credit card debts have pilled up. Whether its millennials or baby boomers the pandemic has greatly impacted the wallets of Americans.
How To Get Rid of Credit Card Debt?
If you’re struggling with card debt, ask your issuers for help. You can probably skip a payment or two (sometimes even without interest), get a lower interest rate, get other fees waived, and protect your credit score. Getting a personal loan can be a temporary relief, but remember to plan your financials to pay back the loan.
Money management can sometimes be daunting and here are the best resources to help you deal with credit card debts.
What To Do If I Have A Credit Card Debt?
If you have a credit card debt, it is essential to talk with your card issuer for Debt Relief Programs. There are four common Credit Card Debt Relief approaches:
- Debt consolidation through a loan or a new credit card.
- Debt consolidation through a debt settlement program.
- Debt management and credit counseling.
Not all of the above approaches fit for everyone. The approaches vary based on financial situations.
- Paying down credit card debt should remain a top priority, so you can avoid high APRs as much as possible.
- Above all, communication is the key- contact your lender for any financial assistance and Debt Relief Programs, this will protect your credit score.