Credit card debt is a big problem facing American consumers. Credit is easy to get, and easy to use. Credit cards are becoming a more common method of payment all the time. E-commerce relies heavily on credit card payments. In recent years, many utilities and services allow customers to make payments automatically with a credit card every month. If you include the common purchases made every day with credit cards, it's easy to see why credit card debt can get out of hand quickly. However, there are options available to consumers who want to eliminate their debt through a bankruptcy attorney. Credit cards can have between a 10% and 30% interest rate. If a debtor only makes minimum payments each month, a credit card debt of $3,000 can take up to 30 years to pay. Late payments can result in late fees, an increase in that cards interest rate, and can even cause interest rates on other credit cards to increase. All of these factors can turn a few credit card purchases into a major financial burden.
