GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you might read more about oureditorial guidelinesand our products and servicesreview methodology.
Thats up from 44% in January.
Additionally, TransUnion found that consumers owe an average balance of $6,3293.
If you fall into this camp, youre not alone.
But there are ways out.
Like many, youve probably read about debt consolidation, refinancing, getting a part-time job, saving money…
They could even negotiate with your lenders to get you out of debt for less than you owe.
For one, the high cost of living is impacting a lot of people.
On top of that, many workers feel their wages arent keeping up.
There might be some psychology at play here, too.
Experts are calling this revenge spending.
But theres another large factor at play thats out of your control: credit card interest rates.
Credit card interest rates are averaging 24.92%.
Thats the highest rate LendingTree has clocked since it started tracking rates back in 20195.
This can contribute to higher credit card balances and spin consumers into a cycle of debt.
Its even possible to get out of debt for less than what you actually owe.
This is totally free, no obligation.
National Debt Reliefs experts will help you weigh the pros and cons of all your options.
Once you approve the plan, National Debt Relief will get to work.
So far, National Debt Relief has helped more than 550,000 people get out of debt.
Theres no need to be part of the credit card debt statistics anymore.
