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

In August, the amount of outstanding credit card debt among consumers in the U.S. reached more than $1.078 trillion, according to the October 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 payoff your credit card debt and achieve your financial goals. Here are 3 financial advice tips:

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 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.

You can easily payoff your credit card debt when you have a plan and maintain a better quality of life. If a financial emergency or unexpected expense occurs and you lack the available funds. You can use your credit cards to 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. You can payoff your credit card debt and save money in interest charges using a debt reduction strategy.

                                                               Source:  Laws of Managing Credit Card Debt

How Can I Get Out of Credit Card Debt Without Making a Financial Mistake?

The most common financial mistakes you want to avoid 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?

Having a credit card can provide a lifelong financial benefit. And accumulating an excessive amount of debt can cause a long-term financial problem. To continue spending and using credit cards. It is essential that you learn how to manage credit card debt to achieve a better financial future.

The book Laws of Managing Credit Card Debt provide financial guidance with proven strategies to help you get out of debt.