Why getting out of credit card debt feels impossible

Have you been dealing with credit card debt? There's hope for you. Here's what you need to know.

Credit cards can be an incredibly useful tool. If you have an expected emergency come up, don't quite have enough cash to cover the cost of an unplanned bill, or simply want to earn cashback or rewards for the things you normally buy, you might find that having a credit card affords you many benefits. Using a credit card and paying it down on a regular basis can help enhance your credit score and make you more appealing to lenders. Sometimes, however, credit card debt can become too much to manage on your own.

According to one report, the average US credit card has a balance of $6,506 (See Resources). If you have credit card debt that you're struggling to pay down, it's important to remember that you are not alone and that you do have options. Also keep in mind, however, that there are several reasons getting out of credit card debt may feel impossible. Whether you're a young college student who got a credit card for emergencies or you're an older adult who has been using credit cards for years, make sure you understand exactly why facing debt can be tricky.

First off, having too much debt can negatively impact your credit score. If your credit card balances are too high, this can affect the rest of your financial life. For example, you may struggle to acquire a vehicle loan or even a home loan. You might find that you can't apply for store credit cards as easily. Your credit score is important because it shows lenders that you're reliable and that you'll pay down your debts appropriately. When you're struggling to do this, lenders may become hesitant to give you more money.

Additionally, you may find that one of the most challenging things about having credit card debt is simply paying down the interest. Whether you have a small or large balance on your card, a high interest rate can quickly skyrocket your balance owed. This makes paying off your debt much more difficult. Each month, your interest will be added to your overall balance and will increase the amount that you need to pay.

If you have unplanned expenses that arise while you're trying to pay down your credit card debt, you may feel like you don't have any choice but to charge those expenses to your credit card. This can increase your balance significantly and make reaching your goal of becoming debt-free seem unmanageable. Additionally, if you have an emergency that comes up, whether that be a medical bill or a personal expense, you may need to use your credit card to pay for that, but find that this only causes your debt to creep higher.

If you've been facing debt that you can no longer handle, it's time to talk with a lawyer about your options.