Managing credit card debt is crucial for financial stability, especially as many Americans face economic challenges. With approximately 60% living paycheck to paycheck, the burden of credit card debt can be overwhelming, leading to damaged credit scores and higher interest rates. The average credit card balance stands at $5,910, and many borrowers risk falling behind on payments. To alleviate this pressure, there are several actionable steps to consider. First, communicate with your credit card company to explore payment plans or hardship programs that can ease your financial strain. Additionally, seeking help from non-profit credit counseling services can provide valuable budgeting assistance and negotiation support. Reassessing your budget to cut unnecessary expenses and finding ways to earn extra income can also contribute to debt reduction. Lastly, transferring balances to a 0% intro APR credit card may be beneficial if you qualify. However, be cautious of potential downsides, such as impacts on your credit score.
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