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Financial Education
3 Financial Advice Tips to Payoff Credit Card Debt

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:

1. Get Financial Guidance

Get financial guidance to become more 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 to help you get out of credit card debt sooner. When you have a financial emergency or unexpected expense you can use your credit cards to 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 payoff your debt you can save up to 80 percent in interest charges.

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.