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3 Financial Advice Tips to Payoff Credit Card Debt

In December 2019, the amount of outstanding credit card debt in the U.S. increased to more than $1.098 trillion, according to the February 2020  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 reach your financial goals and payoff your credit card debt. Here are 3 financial advice tips:

1.

Get Financial Guidance.

Get financial guidance to become better educated. And learn how to  manage your credit card debt. With financial guidance you can improve your financial well-being. And avoid credit counseling, filing for bankruptcy, or getting a debt consolidation loan. 

2.

Follow a Proven Plan.

Follow a proven plan that provide a solution to payoff your debt. When you need to use your credit cards for an emergency or unexpected expense. You can meet your financial needs and maintain a better quality of life without worrying about your 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 get out of credit card debt can save you time and money in interest charges.

How Can I Avoid 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 Maintain a Spending Budget and Avoid Carrying Credit Card Debt?

Using your credit cards for household or personal expenses can provide a lifelong financial benefit. And accumulating an excessive amount of debt can cause a long-term financial problem. 

To maintain a spending budget and avoid carrying credit card debt. It is essential that you learn how to manage your debt to achieve 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.