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Credit card debt is the result of making purchases with a credit card and not making full payment to your credit card company by the end of the billing cycle. (Most credit card companies will bill you and expect payment within 21 days.) Should you not make your payment on time, your credit card debt will then be subject to interest and penalties (in the credit card debt range of 10% - 20%) Credit card debt could have a devastating effect on your other credit cards or other companies you owe money to. If the other companies that you owe money to review your credit card debt history and see that you are late in making payment(s), they may automatically increase the interest rate you pay to them. They do this in anticipation of your eventually making late or no payments to them. |