Why you shouldn't wait until 2027 to deal with your credit card debt
Summary
U.S. credit card balances rose by $21 billion in the second quarter of 2026, reaching $1.26 trillion. Borrowers can address debt through extra payments, credit counseling, debt-management plans, or other relief options; acting before year-end may help them prepare for holiday spending and possible changes in interest rates.Key Facts
- U.S. credit card balances increased by $21 billion in the second quarter of 2026.
- Total credit card debt reached $1.26 trillion.
- Credit card interest compounds daily, so balances can grow when borrowers carry debt.
- Paying more than the minimum can reduce debt faster.
- Credit counseling and debt-management plans can help borrowers develop repayment plans.
- A Federal Reserve rate decision was scheduled for December 9, 2026; the text presents a possible rate increase as a risk to borrowing costs.
- Holiday spending could add to credit card debt in the final weeks of 2026.
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