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Credit Card Debt Trap

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credit card debt problems Excessive credit card debt is a serious problem for many families in America.  In recent times, this problem has been exacerbated by worsening economic conditions.  Credit cards are convenient money management tools that can help finance home improvements, higher education, and other short term cash flow requirements.  However, credit cards do offer a temptation to live beyond one's means and run up large outstanding balances.  Unexpected medical expenses and job losses are other common reasons for running up credit card balances quickly.  In these situations, the resulting credit card debt can become difficult to manage, and in extreme situations, filing for personal bankruptcy may be the only solution available.

However, in most cases, help is available.  You may be able to negotiate lower interest rates with your creditors for your outstanding balances.  Credit counseling services may be able to work out a budget with you and negotiate with lenders on your behalf for lower interest rates, extended payment schedules, or even debt reduction.  You may also be able to consolidate high interest rate credit card debt into a lower rate home equity loan.  However, a home equity loan typically requires a lien on your house, and the lender may foreclose if you do not make payments on your home equity loan. features a directory of credit counseling and debt consolidation resources.  You are encouraged to read the referenced FTC articles about credit and debt.  Before signing any finance or loan agreement, read its terms and conditions carefully, and consult with your attorney if you have any questions or concerns.

Debt Consolidation and Debt Counseling Resources

  • Crown Financial Ministries
    Money management articles and resources, including The Dos and Don'ts of Credit Cards.
  • Debt Free Living
    Debt-Free Living: How to Get Out of Debt – And Stay Out, by Larry Burkett.

FTC Credit Information and Resources

  • Dealing With Debt
    Learn about credit counseling organizations and find advice and guidance about selecting a credit counselor.
  • Free Annual Credit Reports
    If you have ever applied for a credit card, a personal loan, or insurance, a credit file, known as a "credit report" exists for you.  Learn where to obtain a government-authorized free credit report.

Credit Counseling Resources

  • NFCC
    The National Foundation for Credit Counseling, through its member agencies, sets a national standard for quality credit counseling, debt reduction services and education for financial wellness.
  • Christian Credit Counselors
    This debt counseling ministry for families and individuals was founded in 1990 and works with both clients and creditors.

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Credit Card Debt - Debt Consolidation - Debt Counseling

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Woman Burdened by Credit Card Debt