Between today's high rates and the recent uptick in spending, it's time to get your credit card debt under control.

To break the credit card debt cycle you’re currently in, you’ll need to find a way to pay off the debts you have while avoiding new bills. The best way to do this involves creating a monthly budget, consolidating your debts to pay them off faster, building an emergency fund and not using credit cards for spending in the short-term.

A new report finds that people are spending more on their cards and paying down less. Financial experts offer tips for reducing that debt, starting with looking at your spending habits.

Creditors cannot have you arrested for credit card debt, but they can sue you for payment. If sued and you do not respond, a default judgment may award creditors everything they’ve asked for and result in garnishment of your wages or other actions to recover their losses.

Collectively, Americans now owe a record $1.21 trillion on their credit cards, according to a new quarterly report on household debt from the Federal Reserve Bank of New York. Credit card balances jumped by $45 billion in the fourth quarter of 2024, driven in part by holiday spending, and are now 7.3% higher than a year ago.

Debt consolidation loans and balance transfer cards have distinct advantages and disadvantages when it comes to paying off debt. Debt consolidation loans give you a definite payoff date with a fixed interest rate.

Everyone loves credit card rewards. But sinking into debt to maximize your rewards is one of a few losing strategies experts see from consumers.