A credit card charge-off represents a serious financial setback, one that can have major consequences for your finances. Athima Tongloom/Getty Images

When you're struggling to keep up with your growing credit card bills , it can feel like you're just one missed payment away from losing control. And in many cases, that's not far from the truth. After all, today's credit card rates have surpassed 22% on average, meaning that those carrying a balance are likely paying a lot in interest to do so, and the average cardholder owes close to $7,000 right now . As a result, many people's budgets are stretched thin by their high and increasing credit card payments, and the current inflationary environment is only adding to the issue, which has led to an uptick in late payments and se

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