Financial Education
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:

Tip 1:

Seek Financial Guidance.

Seek financial guidance to educate yourself and learn how to manage your credit card debt. With financial guidance you can gain the knowledge and skills to payoff your debt and improve your financial well-being.  

Tip 2:

Follow a Proven Plan.

Follow a proven debt reduction plan one that provides a long-term solution and enables you to keep using your credit cards. In case of a financial emergency or unexpected expense you can meet your financial needs and maintain a better quality of life. 

Tip 3:

Use a Debt Reduction Strategy.

Most credit counseling agencies setup a payment plan for a period of three to five years. And charge you a monthly administrative fee of $35.00 to $50.00. Using a debt reduction strategy, you can save money in interest charges and avoid paying additional cost.

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.

A Valuable Solution

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