How Credit Card Debt Works (And Why It’s So Hard to Pay Off)

If you hope to get out of credit card debt, the first step is to understand how revolving credit card debt works. In this video, SoFi reporter Starla Sampaco breaks down how credit card debt adds up and why it’s so hard to get out of it when you’re making minimum payments on your credit card bill.  In this video, you’ll learn: - How credit card debt works. - How revolving balances, interest, and credit card minimum payments can cause credit card debt to grow over time. - Why it’s so easy to fall into revolving credit card debt and stay there. This video is intended for: - People who are in credit card debt. - Credit card users who make minimum payments on their credit cards. - People who keep a revolving balance on their credit cards or do not pay off their credit card debt in full every month. - Credit card users interested in personal loans. This content is for educational purposes only and does not represent financial or legal advice. Interested in using a personal loan to get out of credit card debt? View your rate: → SoFi.com/personal-loans Additional Resources: Creating a Credit Card Debt Elimination Plan https://www.sofi.com/learn/content/credit-card-debt-elimination/ Credit Card Refinancing vs Consolidation https://www.sofi.com/learn/content/credit-card-refinancing-vs-consolidation/ Fixed vs Variable: Choosing the Right Personal Loan Rates https://www.sofi.com/fixed-vs-variable-rate-loans/ Get educated on credit cards, how to apply for one, and all the different ways to make the most out of your credit card benefits and rewards on SoFi Learn https://www.sofi.com/learn/content/credit-card/ About SoFi®: A finance company that could help you get ahead. Get Your Money Right® with SoFi. Connect with SoFi: Subscribe to SoFi on YouTube: https://www.youtube.com/channel/UCuoYE0bfkZCwaspBVQ59jfQ?view_as=subscriber?sub_confirmation=1 Like SoFi on Facebook: https://www.facebook.com/SoFi/ Follow SoFi on Twitter: https://twitter.com/SoFi Follow SoFi on Instagram: https://www.instagram.com/sofi/ Follow SoFi on LinkedIn: https://www.linkedin.com/company/sofi/