Card credit debt is a type of revolving credit that allows you to borrow money up to a certain limit. You can use the money to make purchases or pay bills, and you are charged interest on the amount you borrow. Card credit debt is different from other types of debt, such as installment loans, in that you do not have to pay back the entire balance each month. Instead, you can make minimum payments and carry a balance from month to month.
Card credit debt can be a helpful financial tool if used responsibly. It can allow you to make purchases or pay bills when you do not have the cash on hand. It can also help you build your credit score, which can make it easier to qualify for loans and other forms of credit in the future. However, it is important to use card credit debt wisely. If you spend more than you can afford to pay back each month, you can quickly get into debt. Card credit debt can also be expensive, as interest rates can be high.