Americans are drowning in credit card debt, with an average credit card balance of $5,315, according to findings from Experian. The average credit utilization (the percentage of credit a consumer uses of the total credit available to them) was 25.3% in 2020, the lowest level in a decade.
If you rely on credit cards to get you through, you may feel like youre never going to get out of credit card debt. But you may have options if you arent able to pay off your credit card debt. One possibility is that you can negotiate your debt with credit card companies. This can help you get back on track and avoid more damage to your credit report.
Why credit card companies negotiate debt
When finances get tight, credit card payments are often one o…
Read the full article at: https://www.bankrate.com/credit-cards/advice/how-to-negotiate-with-credit-card-companies/