How To Eliminate Your Credit Card Debt

How to eliminate your credit card debt

Figures suggest that credit card debt in the US is at an all-time high. The average household has a total credit card debt of more than $8,900 (source). Using a credit card can be beneficial to build up your credit score, but debts can spiral very quickly. If you’re looking to eradicate credit card debt, follow these simple steps:

1. Research balance transfer options

Researching balance transfer options is beneficial for lowering interest payments. The more you can save on interest, the more you can pay off your credit card. Look for 0% offers and consider switching your card.

2. Pay off as much as you can each month

Many people pay the minimum amount each month. If you can pay more, increase your payments to reduce debts and lower interest fees.

3. Try to avoid using your credit cards

It’s tempting to use credit cards but it can cause you to live beyond your means. Avoid using credit if you can. Use your debit card or dip into your savings.

4. Seek professional advice if you’re concerned about debt

Getting into debt can be incredibly distressing, especially if you’re struggling to make ends meet and you’re relying on credit cards or loans. If you can’t pay your bills, or your credit card balance is increasing rapidly, seek professional advice. There are options, such as debt consolidation and debt counseling, which can ease pressure and help you manage your money.

Conclusion

Credit card debt is increasing in the US. If you’re looking to pay off your credit cards, research balance transfer options, limit use, pay off as much as you can each month and seek professional advice.