Why you shouldn’t wait until 2027 to deal with your credit card debt

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November 13, 2026 / 8:39 AM EST / CBS News

If you're suffering under the burden of growing credit card debt, you're not alone. Credit card debt balances rose by $21 billion just in the second quarter of 2026, contributing to a total of $1.26 trillion in debt owed by borrowers. And with inflation sticky this year, interest rates higher than they've been in multiple years and the costs of everyday expenses and gasoline surging, it's easy to see why even disciplined spenders now find themselves saddled with expensive debt.

Fortunately, there are multiple ways in which you can tackle your debt, ranging from DIY strategies like the debt snowball or avalanche method to more potent ones like debt management, credit counseling, or even a debt forgiveness program for those with substantial amounts of debt (among other criteria). Tackling these issues now, however, is paramount, as waiting until 2027 could prove to be a costly mistake. And it's easily avoidable with so many solutions available.

If you're tempted to wait to act, however, it may help to know why you…

Original source: https://www.cbsnews.com/moneywatch/