Americans have more credit card debt than ever before. According to the Federal Reserve, U.S. households collectively hold over a trillion dollars in credit card debt. The average American family owes $8,377.
If you're one of the hundreds of millions of Americans with outstanding credit card debt, you may be tempted to ignore your credit card bills. People like James Altucher may even tell you to never pay off your credit card debt.
But after working as both a debt collector and a credit counselor, Bruce McClary says that the best way to face credit card debt is head-on. Today McClary is vice president of communications for the National Foundation for Credit Counseling, a nonprofit organization that provides free credit counseling services.
Here is exactly what will happen if you don't pay off your credit card debt, and why you should make paying it off a top priority: