Over 23% of Americans have increased their credit card debt during the pandemic...CreditCard.com can help you

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Over 23% of Americans have increased their credit card debt during the pandemic. CreditCrads.com has created a guide that helps those with extra financial resources learn how to help give the gift of paying off someone else’s credit card debt.

As COVID-19 has rocked the financial well-being of many individuals, those who find themselves in a more secure place may want to help a loved one (or even a down-on-their-luck stranger) with their credit card debt. Here’s how you can pay someone else’s debt and how it might impact you.

COVID-19 has wreaked havoc on peoples’ lives, including their financial well-being. Although consumers are charging more to get by, the relief is short. Payments come due in a matter of weeks and escalating balances cause even greater anxiety.

An April 2020 CreditCards.com poll found that 23% of consumers have increased their credit card debt during the pandemic, and nearly half of them are stressed about their debt. If you’re in a stable financial position, you may find yourself wanting to help someone who is struggling with their bills.

“This can be a temporary help for someone that is experiencing financial hardship or a way to ensure that they have credit available to make purchases online,” says Jennifer Streaks, a personal finance expert from Brooklyn, New York. “During these uncertain financial times, this is a very kind thing to do to help someone.”

Here’s everything you need to know about how to donate to another person’s credit card debt.

See related: Consumer debt reached all-time high prior to coronavirus crisis