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The average American home owes around $6,270 in creditcarddebt. You may also be relieved to hear that you’re not out of options if you have past due debt. This incredibly high number is mostly composed of financial situations relating to peoples’ homes, vehicles, and loans taken out to pursue higher education.
It may be sold to a debt buyer or transferred to a collection agency – and those institutions are usually ruthless in hounding you for payment. If you’ve gotten in over your head with creditcarddebt, it can be tempting to just stop paying. But ignoring the debt won’t make it go away – that will only make it worse.
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