By K. D. Nelson, Professional Accountant and Author of the book "Laws of Managing Credit Card Debt".
In April, the amount of credit card debt among consumers in the U.S. increased to $1.064 trillion, according to the June 2019 Federal Reserve Consumer Credit Report. And, nearly 40 percent of credit card users say they carry a monthly balance, based on the 2019 Consumer Financial Literacy Survey, by the National Foundation for Credit Counseling.
So, how can I payoff my credit card debt?
Here are 3 financial advice tips that can help you get out of credit card debt:
1. Seek Financial Guidance.
Seek financial guidance to educate yourself and learn how you can payoff your credit card debt. With financial guidance to help you manage your debt you can improve your financial well-being. And avoid credit counseling, filing for bankruptcy, or getting a debt consolidation loan.
2. Follow a Proven Plan.
Follow a proven plan that can help you accomplish your financial goals and maintain a high standard of living. When you have a plan to payoff your debt you can use your credit cards more frequently to meet your financial needs and avoid a lifelong burden of credit card debt.
3. Use a Debt Reduction Strategy.
A credit counseling agency can setup a payment plan with your creditors and will charge you a monthly fee of $35.00 to $50.00 for a period of three to five years. Using a debt reduction strategy, you can eliminate your credit card debt and save a significant amount of time and money.
Source: Laws of Managing Credit Card Debt
How can I payoff my debt without making a financial mistake?
The most common financial mistakes you want to avoid when paying off credit card debt are:
- Filing for a chapter 7 bankruptcy
- Getting a loan to consolidate your debt
- Negotiating a repayment plan with a credit counselor
How can I make better financial decisions and avoid having credit card debt in the future?
Using credit cards can provide a long-term financial benefit. With the risk of incurring a huge amount of debt and causing a financial problem. It is essential that you learn how to manage credit card debt to maintain a better financial future.
The book Laws of Managing Credit Card Debt provides financial guidance with proven strategies to help you get out of debt.