Is your credit card maxed out? 4 options to consider

Credit card delinquencies have been on the rise, with recent data showing that delinquent credit card accounts climbed to nearly 9% in the first quarter of 2024. And, many cardholders are also facing issues with maxed-out credit cards — another sign that borrowers are grappling with financial difficulties in today's economic climate. That makes sense considering the current challenges, which include persistent inflation that is hovering at 3.

If you're going to take this route, it is important to be prepared with a detailed financial overview and a compelling explanation for your circumstances. After all, credit card companies typically want to verify that you're unable to pay the full balance of what you owe due to financial hardship, so the more documentation you can provide, the more likely you'll be successful in your negotiations.

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