3 Financial Advice Tips to Payoff Credit Card Debt
Credit card debt can affect your personal finances in terms of the cost in interest charges and the time spent carrying a balance. In 2019, consumers spent $121 billion in interest charges on credit card debt, according to a report from Magnify Money. In September, the amount of outstanding credit card debt was more than $988 billion, according to recent data from the November 2020 Federal Reserve Consumer Credit Report. And, nearly 43% of credit card users in the U.S. carry a monthly balance, based on the 2020 Consumer Financial Literacy Survey, by the National Foundation for Credit Counseling.
To help you save money 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 should 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 Use Credit Cards Without Accumulating Long-Term Debt?
Using credit cards can provide a lifelong financial benefit. And accumulating an excessive amount of debt can cause a long-term financial problem. In order to use credit cards without accumulating debt. 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 provides financial guidance with proven strategies to help you get out of debt.