By K. D. Nelson, Professional Accountant and Author of the book "Laws of Managing Credit Card Debt".
In February, consumers spent $3 billion using their credit cards increasing the amount of outstanding credit card debt to $1.061 trillion, based on the April 2019 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 I payoff my credit card debt?
Here are 3 financial advice tips that you can use to 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 you can get out of debt and 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 to help you accomplish your financial goals and avoid a lifelong burden of credit card debt. When you have a plan to payoff your debt you can continue to use your credit cards to maintain a high standard of living and achieve a better financial future.
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. When you use a debt reduction strategy to eliminate your credit card debt you can 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 to avoid having credit card debt in the future?
With the need to use credit cards as a financial resource and the risk of becoming bankrupt. 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.