Credit card debt is a common problem, especially with rising prices for food, housing, and other essentials. In fact, Experian reported that the average credit card balance was $6,365 as of the end of June 2023, an increase of nearly 12% from June 2022.
Once you have accumulated a balance on your cards, their high annual percentage rates (APRs) can make it difficult to repay your debt. Successfully paying off your cards requires careful budgeting and commitment.
