Credit cards are just a fact of life in modern America, but that doesn’t mean they’re good for our wallets. If the bills aren’t paid off every month, interest begins to accumulate, and the debt grows. Over time, you could be looking at an exponentially higher bill than what you initially paid. In fact, Illinoisans currently owe an average of $7,300 in credit card debt. That’s a lot of debt!
If you’ve been carrying credit card debt for two or more years, you’re likely paying at least $1,000 annually in interest and fees. Late or missed payments can cause your debts to snowball thanks to extra charges and higher interest rates. Out-of-control debt can ruin your finances, damage your credit score and destroy your peace of mind. Monarch Legal Group can help.