May, consumers spent $9.7 billion using their credit cards increasing the amount of outstanding credit card debt to $1.039
trillion, based on the July 2018 Federal Reserve Consumer Credit Report. And, 38 percent of credit card users say they carry
a monthly balance, according to the 2018 Consumer Financial Literacy Survey, by the National Foundation for Credit Counseling.
So, how can you avoid carrying a lifelong financial burden and achieve a better
financial future? Here are 3 financial advice tips to help you payoff credit card debt:
1. Seek Professional Guidance
professional guidance for advice to solve a financial problem. Would you agree that you might be in better shape financially,
if you had received financial guidance that showed you how to payoff credit card debt, before you started using credit cards?
Educate yourself and learn how you can get out of debt and improve your financial well-being.
2. Follow a Proven Plan
Follow a proven plan to avoid a lifelong burden of credit
card debt. Keep track of the amount of debt you owe and maintain a budget of your monthly expenses to determine your
financial needs. Reduce unnecessary spending to avoid getting deeper into debt and maxing out your credit card balance.
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. And filing a chapter
7 bankruptcy to discharge your debt can cost $1,500.00 to $3,000.00 in attorney fees. Using a debt reduction strategy to payoff
your credit cards can help you save a significant amount of time and money.