It’s no secret the U.S. economy has struggled since the pandemic, with high inflation and interest rates hitting wallets harder than usual. In fact, the Federal Reserve recently reported that American credit card debt is at an all-time high, surpassing $1 trillion for the first time ever. This is in addition to high average credit card interest rates (24.45% as of September) and cardholders averaging more than $10,000 in credit card debt.
If you’re overwhelmed, talking to a credit counselor about a debt management program (DMP) is a good place to start.
With 51% of Americans unable to pay off their balance each month, getting help can get you out of trouble quicker than you might think.
How Can a Debt Management Plan Help?
When you enroll in a debt management program, you’ll reap the benefits of taking a direct step to pay off your debt, including seeing your credit score likely inch up as you pay down your balances and with on time monthly payments .
The benefits of a debt management program include:
- Professional support
- Consolidated unsecured debt
- Lower interest rates
- One affordable monthly payment
- Pay off debt in three to five years
Bottom Line
With all-time highs making card repayment more challenging, there’s never been a better time to enroll in a DMP, especially if you’re stressed and overwhelmed. Once enrolled, you can feel reassured that you have professional support and a clear path to repayment.
Debt Management Plan: Enroll Today!
One monthly payment | lower interest rates | no more debt collector calls | improved credit score