The vast majority of adult Americans (82%) currently have at least one credit card in their wallet, and credit card debt is growing. Over the summer, the total credit card debt owed in the United States broke the $1 trillion mark.
Just because credit card debt is commonplace, though, doesn’t mean it’s easy to deal with. “Due to increases in the fed funds rate, credit card and other revolving debt interest rates have shot up to new levels,” says Shane Cummings, CFP, CEPA, AIF, and wealth advisor and the director of technology/cybersecurity at Halbert Hargrove. As a result, he says, these debts “can be difficult to pay down.”
But what if you have $5,000 or…
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