Hey man, It’s a growing epidemic. Americans are getting into more and more debt. We have more debts to pay off than anytime in our history. Sometimes, it’s a bad situation, like loss of job, or medical bills. Other times, it’s because the interest rates have gone up, and you are using credit cards to pay off your Adjustable Rate Mortgage (ARM). And then there is the common one, people just like to be extravagant, and live beyond their means. They use credit cards to buy everything. They have no fiscal restraint. Credit cards catch you with high interest rates, late charges, and service fees. Now you’re screwed, because you can’t get out from this mountain of credit debt, unless of course you win the lottery.
The first thing you need to do is get debt advice. Find out what the best options are for you. Maybe filing bankruptcy is the best option for you. If you choose that route, check if you qualify. The most common route is to debt consolidate, or more commonly known as debt consolidation.