Financial Education
3 Financial Advice Tips to Payoff Credit Card Debt

Carrying credit card debt can affect your financial future. The amount of interest charges that accumulate extends the monthly payments and increases the amount to payoff the balance. Creating a lifelong financial burden that can keep you from accomplishing your financial goals.

In 2019, consumers paid $121 billion in interest on credit card debt, according to a report by Magnify Money. In July 2022, the amount of outstanding credit card debt exceeded $1.1 trillion, based on the September Consumer Credit Report, by the Federal Reserve. And 47% of cardholders say they carry a balance from month to month, according to the 2021 Consumer Financial Literacy Survey, by the National Foundation for Credit Counseling. 

To help you save time, money, and payoff your credit card debt. Follow these 3 financial advice tips:

Seek Financial Guidance.

Seek financial guidance to educate yourself and learn how to use proven methods to get out of credit card debt. When you have the knowledge and skills to manage your debt. You can improve your financial well-being and achieve a better quality of life.

Follow a Proven Plan.

Follow a proven plan that can help you payoff your debt faster. Having a plan to get out of debt. Would allow you to keep using your credit cards. And enable you to meet your financial needs. In case of a financial emergency or an unexpected expense.

Use a Debt Reduction Strategy.

Most credit counseling agencies will setup a payment plan with your creditors for three to five years. And charge you a monthly fee of $35.00 to $50.00. You can payoff a credit card balance using a debt reduction strategy. While saving money in interest charges and avoid paying up to $3,000.00 in additional fees.

When you learn how to manage credit card debt. You can make financial decisions that improve your life and avoid financial mistakes.

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 Going into Debt?

Using credit cards can provide a lifelong financial benefit. And accumulating an excessive amount of debt can cause a long-term financial problem. To use credit cards without going into debt. It is essential that you learn how to manage credit card debt to build a better financial future.

The book Laws of Managing Credit Card Debt is a financial guide that shows you how to easily payoff your debt with proven strategies.

Does This Financial Guide Provide a Concrete Debt Reduction Plan?
 
Yes. This financial guide is written by a Professional Accountant. It provides a detailed plan to help you payoff your credit card debt. And save a significant amount of time and money.