The 7-year rule helps to shape how long credit card debt affects your credit, lawsuits and collections. Getty Images/iStockphoto

Credit card debt is one of the most common financial burdens Americans face in today's economic landscape, as evidenced by the fact that the total credit card debt is now sitting at over $1.21 trillion nationwide . For many credit card users, this debt becomes harder and harder to deal with as the interest compounds . And, borrowers with limited income aren't the only ones facing these types of issues right now, either. At today's near-record-high rates , carrying credit card debt can be dangerous for a wide range of borrowers.

When the credit card debt racks up, it can be hard to stay current on what's owed. If your balance remains delinquent

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