By K. D. Nelson, Professional Accountant and Author of the book "Laws of Managing Credit Card Debt".
In December, consumers spent $1.7 billion using their credit cards increasing the amount of outstanding credit card debt to $1.044 trillion, based on the February 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.
If you have credit card debt you should seek financial guidance to educate yourself and learn how you can payoff your debt. With financial guidance you can avoid credit counseling, filing for bankruptcy, or getting a debt consolidation loan. Having a long-term solution to reduce your debt can help you achieve a better financial future.
2. Follow a Proven Plan.
Follow a proven plan that can show you how to get out of credit card debt. With a plan to payoff your debt you can continue using your credit cards and maintain a higher standard of living. You can accomplish your financial goals and avoid a lifelong burden of credit card debt.
3. Use a Debt Reduction Strategy.
Use a debt reduction strategy to help you manage credit card debt. 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 get out of debt and 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 the need to rely on 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 basic financial guidance with proven strategies to help you get out of debt.