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By K. D. Nelson, Professional Accountant and Author of the book "Laws of Managing Credit Card Debt".

 

In May, the amount of outstanding credit card debt surpassed $1.039 trillion as consumers spent $9.7 billion using their credit cards, based on the July 2018 Federal Reserve Consumer Credit Report. And, 38 percent of credit card users say they carry a monthly balance, according to the 2018 Consumer Financial Literacy Survey, by the National Foundation for Credit Counseling.
  
So, how can you get out of debt to avoid carrying a lifelong financial burden and maintain a better financial future? Here are 3 financial advice tips to help you payoff credit card debt:
 
1. Seek Professional Guidance.
 
Seek professional guidance for advice to solve a financial problem. Would you agree that you might be in better shape financially, if you had received financial guidance that show you how to payoff credit card debt, before you started using credit cards? Educate yourself and learn how you can get out of debt to improve your financial well-being. 
 
2. Follow a Proven Plan.
 
Follow a proven plan that is designed to help you payoff credit card debt and can prevent you from carrying a lifelong financial burden. Keep a record of the amount of debt you owe and maintain a budget of your monthly expenses to determine your financial needs. Eliminate unnecessary and excessive spending to avoid getting deeper into debt or maxing out your credit card balance.
 
3. Use a Debt Reduction Strategy.
 
A credit counseling agency will setup a payment plan with your creditors and charge you a monthly fee of $35.00 to $50.00 for a period of three to five years. And filing a chapter 7 bankruptcy to discharge your debt can cost $1,500.00 to $3,000.00 in attorney fees. Using a debt reduction strategy to payoff your credit card debt provides a better solution that can help you save a significant amount of time and money.
 

 

 

 Source:  Laws of Managing Credit Card Debt  
 
 
The book "Laws of Managing Credit Card Debt" provides basic financial guidance with proven strategies to help you get out of debt.
                                                                        

 

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2016.07.01

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