By K. D. Nelson, Professional Accountant and Author of the book "Laws of Managing Credit Card Debt".
In January, consumers spent $3.5 billion using their credit cards increasing the amount of outstanding credit card debt to $1.058 trillion, based on the March 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 follow to help you get out of credit card debt:
1. Seek Financial Guidance.
Seek financial guidance if you have credit card debt that accumulates interest charges. Educate yourself and learn how you can payoff your debt to avoid credit counseling, filing for bankruptcy, or getting a debt consolidation loan. Use valuable information that provide a long-term solution to help manage your debt.
2. Follow a Proven Plan.
Follow a proven plan that can help you accomplish your financial goals. Having a plan to payoff your debt will enable you to continue using your credit cards and maintain a high standard of living. You avoid a lifelong burden of credit card debt and can achieve a better financial future.
3. Use a Debt Reduction Strategy.
Use a debt reduction strategy to payoff credit card debt more effectively. 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. Using a debt reduction strategy can help you 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
With a need to use credit cards as a financial resource and the risk of getting into debt or 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 basic financial guidance with debt reduction strategies and a proven plan to help you get out of debt.