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:
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.