- September 28, 2021
- Kelvin Birk
Falling behind on credit card debt can leave you feeling overwhelmed and trapped. Large credit card debt causes a domino effect of cascading problems. First, if your credit cards are maxed out, then just making minimum payments can mean lots of money, which leaves less for day-to-day living expenses. You can also incur late fees and over-the-limit fees, which cause the total amount you owe to keep climbing. If you fall far enough behind, your debt can go into collections, and you face constant harassing phone calls from collections agencies. Finally, overdue debt can be hard on your credit score, causing it to tumble.
If you face overwhelming debt, it may be time to declare [...]