In
May, the amount of outstanding credit card debt surpassed $1.039 trillion as consumers spent $9.7 billion using their credit
cards, 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 payoff your debt to avoid a lifelong financial burden and maintain
a better financial future? Here are 3 financial advice tips to help you get out of credit card debt:
1. Seek Professional Guidance.
Seek
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 show you how to payoff credit card debt, before you started using credit cards?
Educate yourself to learn how you can payoff your debt and improve your financial well-being.
2. Follow a Proven Plan.
Follow a proven plan that's designed to help you get
out of debt and can prevent you from carrying a lifelong financial burden. Keep a record of the amount of debt you owe and
maintain a budget of your monthly expenses to determine your financial needs. Eliminate unnecessary and excessive spending
to avoid getting deeper into debt or maxing out your credit card balance.
3. 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 card debt provides a better solution that can help
you save a significant amount of time and money.
