Credit card debt
Credit card debt is the debt accumulated from unpaid credit card bills.
Most credit cards allow you to carry a balance on your account as long as you make a minimum payment. Paying less than the full amount results in finance charges being charged to your account. The interest rate on credit card debt is often high.
Many credit cards have very high credit limits, often thousands of dollars. Those with multiple credit cards can find themselves deeply in debt.
The high cost of credit card debt can make paying off these loans difficult. Debt consolidation is often a first step.
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