Credit card debt has skyrocketed in recent months, and if you're carrying a balance, it's time to fix the issue.

To break the credit card debt cycle you’re currently in, you’ll need to find a way to pay off the debts you have while avoiding new bills. The best way to do this involves creating a monthly budget, consolidating your debts to pay them off faster, building an emergency fund and not using credit cards for spending in the short-term.

Collectively, Americans now owe a record $1.21 trillion on their credit cards, according to a new quarterly report on household debt from the Federal Reserve Bank of New York.

Here are three key things to say when attempting to settle your debt: "I want to take responsibility for this debt an

The latest quarterly figures show that credit card debt hit another record level . getty. Americans Struggle With Record Credit Card Debt U.S. credit card debt reached a record $1

Credit-card debt in the U.S. hit another record after an unusually-high increase following the holidays. Debt from credit cards reached $1.21 trillion i