We compared more than 20 debt reduction software programs and apps to find the best options for different types of consumers. Debt reduction programs can also help you create a formal debt snowball or debt avalanche plan, then track your results. While debt reduction programs cannot make your debts disappear on their own, it can help you create a thoughtful plan to pay things down faster or create more interest savings over time. Unfortunately, the average credit card APR was 14.54% by the end of 2021, which means consumers are paying out the nose to manage their debts. This illustrates how much Americans rely on credit cards to cover living expenses or surprise bills in a pinch. Broken down further, this figure represents an average of $6,547 in credit card debt carried by each U.S. Read our advertiser disclosure for more info.īy the end of 2021, Americans carried $804 billion in revolving credit card debt. We may receive compensation if you visit partners we recommend. We recommend the best products through an independent review process, and advertisers do not influence our picks.
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