January, consumers spent $700 million using their credit cards increasing the amount of outstanding credit card debt to $1.029
trillion, based on the March 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 Counseling.
So how can you payoff credit card debt and avoid carrying a lifelong financial
burden? Here are 3 financial advice tips that can help you maintain a better financial future:
1. Seek Professional Guidance
professional guidance for advice to solve a financial problem. Would you agree that you might be in better shape financially
if you had financial guidance to payoff credit card debt before you started using credit cards? Educate yourself to learn
how you can get out of debt and improve your financial well-being.
2. Follow a Proven Plan
Follow a proven payoff plan that prevents you from carrying
a lifelong burden of credit card debt. Keep track of your debt and maintain a budget of your monthly expenses to determine
your financial needs. Reduce unnecessary spending to avoid getting deeper into debt or maxing out your credit limit.
Use a Debt Reduction Strategy
A credit counseling agency can setup a payment plan with
your creditors. And they will charge you a monthly fee of $35.00 to $50.00 for a period of three to five years. Filing a chapter
7 bankruptcy to discharge your debt can cost $1,500.00 to $3,000.00. Using a debt reduction strategy to payoff credit card
debt can save you a significant amount of time and money.