According to a new study, Americans now carry an average credit card balance of $15,355. At the average interest rate of 18%, it costs $6,658 per year to maintain that balance – and that’s just credit card interest payments, not even making a dent in the principal credit card balance.

First things first: what’s the difference between secured and unsecured debt? Unsecured debts are those which aren’t exclusively tied to a physical asset. The debt on your car loan would be secured debt. The debt on your credit card is unsecured.

At New Era Debt Solutions, we understand the pain and frustration that has become almost synonymous with debt relief — many companies offer assistance that is nothing more than subtle manipulation.

Outsized debts don’t just squeeze a person financially; we feel the weight emotionally and psychologically. It can seem truly hopeless and, for many, it seems easier to look the other way, to minimize their financial struggles.