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


The 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.
So 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.
3. 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.



Get financial guidance to improve your financial well-being. The book "Laws of Managing Credit Card Debt" can show you how to save time, money, and help you payoff your debt. 




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