In January, the amount of outstanding credit card debt in the U.S. was more than $1.090 trillion, according to the March 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 help you reach your financial goals and payoff your credit card debt. Here are 3 financial advice tips:
How Can I Avoid Making a Huge 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.