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Studies show that credit card debt is a major problem in all countries. And those people who have a credit card usually has a balance. The credit card balance interest rate usually falls between 10-30% APR. The fact that it has high interest rates, people find it difficult for them to pay down their debt if they would only make the minimum payment. Because by doing so, it can only make even the smallest balance over years and years to get paid and thousands of dollars in finance charges. This is the reason why getting out of credit card debt seems so hard.

Debt has become a problem in every country nowadays and credit card debt is considered a major problem. Though not all people have credit card, those who have usually have a balance on it. The balance of interest rate on a credit card is often between 10-30% APR. Because of these high rates people find it hard to pay off the debt and sometimes most people only pay the minimum payment. So, by just making the minimum payments it can only make even the smallest balance over 10 years to pay off, including thousands of dollars on finance charges. This is probably the reason why most people think that getting out of debt is more likely impossible to happen.