Credit card debt can be expensive. Depending on how high your credit card debt is, you could end up paying thousands of dollars in interest on what you owe — and the pay-off process could take decades. And, right now, your credit card debt could be costing you more than it has in the past. The federal funds rate is currently paused at a 23-year high, and rates on credit cards and other lending products are up in tandem. In turn, your required minimum credit card payments have likely increased.
Income-driven repayment plansSome credit card companies may also offer income-driven repayment plans, also known as financial hardship programs, to customers who are having a hard time keeping up with their payments. 'If a customer is in legitimate financial trouble, credit card companies have an incentive to offer short term relief if it means maintaining the customer relationship and getting paid back in the long run,' says Justin Leto, CEO and co-founder of Idea Financial.
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