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By K. D. Nelson, Professional Accountant and Author of the book "Laws of Managing Credit Card Debt"

 

In May, consumers spent $9.7 billion using their credit cards increasing the amount of outstanding credit card debt to $1.039 trillion, based on the July 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 avoid carrying a lifelong financial burden and achieve a better financial future? Here are 3 financial advice tips to help you payoff credit card debt:
 
1. Seek Professional Guidance
 
Seek professional guidance for advice to solve a financial problem. Would you agree that you might be in better shape financially, if you had received financial guidance that showed you how to payoff credit card debt, before you started using credit cards? Educate yourself and learn how you can get out of debt and improve your financial well-being. 
 
2. Follow a Proven Plan
 
Follow a proven plan to avoid a lifelong burden of credit card debt. Keep track of the amount of debt you owe and maintain a budget of your monthly expenses to determine your financial needs. Reduce unnecessary spending to avoid getting deeper into debt and maxing out your credit card balance.
 
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 to payoff your credit cards can help you save a significant amount of time and money.
 

 

 

 Source:  Laws of Managing Credit Card Debt  
 
 
The book "Laws of Managing Credit Card Debt" provides financial guidance with proven strategies that show you how to get out of debt.
                                                                        

 

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URL:  www.managingdebtlaws.com/tips_to_payoff_credit_card_debt.html 

 

 

   
   
   
   

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