By K. D. Nelson, Professional Accountant and Author of the book "Laws of Managing Credit Card Debt".
In May, the amount of outstanding credit card debt among consumers in the U.S. increased by $7.2 billion to more than $1.071 trillion, according to the July 2019 Federal Reserve Consumer Credit Report. And, nearly 40 percent of credit card users say they carry a monthly balance, based on the 2019 Consumer Financial Literacy Survey, by the National Foundation for Credit Counseling.
To accomplish your financial goals, here are 3 financial advice tips to payoff your credit card debt:
1. Seek Financial Guidance.
Seek financial guidance to educate yourself and learn how to use proven methods to payoff your debt. With financial guidance you can get out of credit card 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.
When you have a plan to payoff your credit card debt you can continue to use your credit cards to maintain a high standard of living. When you have an emergency or unexpected expense you can meet your financial needs and avoid a lifelong burden of credit card debt.
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. Using a debt reduction strategy to eliminate your credit card debt 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
How Can I Make Better Financial Decisions to Avoid Having Credit Card Debt in the Future?
Using credit cards can provide a lifelong financial benefit. And accumulating an excessive amount of debt can cause a long-term financial problem. 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 and proven strategies to help you get out of debt.