It might be easier than you expect for credit card debt to sneak up on you. Not only do the interest charges cause any card balance you carry to grow rapidly, but in today's elevated rate environment, credit card rates are now above 21% on average. With rates that high, even the most financially responsible cardholders are at risk of falling into a cycle of mounting debt.
If you can reliably make these payments, these options may be preferable as they have less negative impact on your credit.If you're struggling to make any payments at all, debt settlement might be more feasible. With this option, you save for a lump sum payment, which can be easier if you're facing severe financial hardship.Consider the timelineIt also makes sense to compare how long it would take to become debt-free under each option.
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