November, consumers spent $11.2 billion using their credit cards increasing the amount of outstanding credit card debt to
$1.022 trillion, based on the January 2018 Federal Reserve Consumer Credit Report. And, 39 percent of credit card users say
they carry a monthly balance, according to the 2017 Consumer Financial Literacy Survey, by the National Foundation for Credit
So how can you payoff your credit card debt and
avoid a lifelong financial burden? Here are 3 financial advice tips to help you get out of debt and achieve your goals:
1. Seek Professional Guidance
you accumulate credit card debt you need professional guidance to help you find a solution to get out of debt and avoid
a long-term financial problem. Would you agree that you might be in better shape financially if you had financial guidance
before you started using credit cards? Educate yourself and learn how you can payoff your debt more effectively.
2. Follow a Proven Plan
When you have
a plan to payoff your debt you can use credit cards and avoid carrying a lifelong financial burden. Maintain a budget of your
monthly expenses to keep track of your debt and to help you determine your financial needs. Reduce unnecessary spending to
avoid getting deeper into debt or maxing out your credit card balance.
3. Use a Debt Reduction Strategy
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. Filing for a chapter 7 bankruptcy to discharge your debt can cost $1,500.00 to $3,000.00
in fees. Using a debt reduction strategy significantly reduces the cost of having credit card debt and provides a better
solution to help you manage your debt.