Anyone who faces unmanageable credit card debt knows the feelings of fear and stomach-knotting unease that come with it. Often, the problem is not knowing what to do about it.
Financial advisors say that while there are ways to repair your financial situation — not to mention your credit score — you need to be committed and have patience.
"It will take time," said certified financial planner Cary Carbonaro, managing director at United Capital. But if you do nothing, "you'll either carry a balance the rest of your life and just hope for some windfall, or it will get so overwhelming that you'll have to declare bankruptcy," she said.
According to the Federal Reserve, U.S. revolving debt — the bulk of which comes from credit cards — stood at $953.3 billion at the end of May. And the majority of cardholders — 65 percent — fail to pay off their balances monthly.