By K. D. Nelson, Professional Accountant and Author of the book "Laws of Managing Credit Card Debt".
In July, consumers spent $1.2 billion using their credit cards increasing the amount of outstanding credit card debt to $1.036 trillion, based on the September 2018 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 you reduce your credit card debt to avoid accumulating a lifelong financial burden and improve your financial well-being? Here are 3 financial advice tips to help you get out of debt:
1. Seek Financial Guidance.
Seek financial guidance to help you solve your financial problems. Do you agree that you would be out of debt or be in better shape financially, if you had financial guidance that showed you how to manage credit card debt? Before you file for bankruptcy or get a debt consolidation loan educate yourself to learn how you can payoff your debt and maintain a better financial future.
2. Follow a Proven Plan.
Follow a proven plan that is designed to help you get out of credit card debt and can prevent you from carrying a lifelong financial burden. With a plan you can continue to use your credit cards and avoid getting deeper into debt. Maintain a budget of your monthly expenses and keep a record of the amount of debt you owe to determine your financial needs.
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. And filing a chapter 7 bankruptcy to discharge your debt can cost $1,500.00 to $3,000.00 in attorney fees. Using a debt reduction strategy provides a better solution to help you payoff your credit card debt and you can save a significant amount of time and money.
Source: Laws of Managing Credit Card Debt
The book "Laws of Managing Credit Card Debt" provides basic financial guidance with proven strategies to help you get out of debt.