Paying down credit card debt can seem like a never-ending struggle. As bankruptcy attorneys, we see credit card debt as one of the most common problems facing those with serious financial challenges. It is not surprising with the high interest rates, unreasonable fees and penalties, and never-ending minimum payments that do not seem to make a dent in the total balance.
According to data from the New York Federal Reserve, the total national credit card debt being carried has hit $14.3 trillion, which represents a 1.1 percent increase from the previous quarter. One of the biggest problems’ consumers face when it comes to credit card debt is paying down a large balance or balances once they are incurred. However, certain tactics have been proven to be successful when it comes to paying off credit card debt.