amount of outstanding credit card debt reached $1.005 trillion. As consumers spent $6.3 billion in September, based on the
November 2017 Federal Reserve Consumer Credit Report. And, 39 percent of consumers say they carry a monthly balance on their
credit cards, according to the 2017 Consumer Financial Literacy Survey.
how can you get out of credit card debt and avoid carrying a lifelong financial burden? Here are 3 financial advice tips to
help you payoff your debt:
1. Seek Professional Guidance
When you accumulate too much debt and it causes a financial
problem. It is important for you to seek professional guidance and find a solution to get out of debt. Would you agree that
you might be in better shape financially if you had received financial guidance before you started using credit cards? Educate
yourself and learn how to manage your debt to achieve a better financial future.
2. Follow a Spending Plan
Maintaining a budget of your monthly expenses can help
determine your financial needs. Set a limit on discretionary spending and use a percentage of your monthly income to reduce
your debt. Keep track of your spending to avoid getting deep into debt and maxing out your credit card balance.
Use a Debt Reduction Strategy
A credit counseling agency can setup a payment plan with
your creditors. And they will typically charge you a monthly fee of $35.00 to $50.00 for a period of three to five years.
Filing for a chapter 7 bankruptcy to discharge your debt can cost $1,500.00 to $3,000.00. The benefit of using a debt reduction
strategy outweighs the cost and provides a better solution to payoff your credit card debt.