Credit card debt is an issue that many Americans face today. According to Credit Advisors.com, “There is $972.73 billion dollars in credit card debt in America. About 14.7% of American families exceed 40% of their income. The average balance per open credit card, including retail and bank cards in the United States is $1,157 dollars.” These statistics are disappointing and unfortunately continue to grow. A part of the problem is that many American’s tend to ignore their debt and allow massive credit card interest rates to eat up their work income. Many Americans also don’t know what to do to eliminate their credit card debt. The following are tips on how to quickly eliminate your credit card debt.
Check out a debt relief program. Debt relief programs such as, Debtmerica Relief and Total Debt Relief are great programs that can help you consolidate your credit card debts all into one. Instead of paying many different credit card companies you only pay one fee to the debt relief program. The debt relief program can cut your credit card debt greatly.
Pay off the credit card with lowest amount of interest rate first. Don’t ignore the other credit cards. Continue to pay the minimum for each card but put a little extra money towards the credit card with the lowest amount of interest rate. Once you eliminate that credit card focus on the next credit card with the lowest amount of interest rate. Put the money you were contributing to the first card and add it to the minimum payments you are making on the second card. You would do this with each card until your entire credit card debit is eliminated.
Make an appointment with a credit card counselor. If you don’t feel comfortable and or confident in using either of the tips above then seek a credit counselor in your local area. The credit card counselor will find out your amount of debt, how much you make and how much money you have. Then the credit card counselor will create a plan with you to help eliminate your debt.
Don’t allow yourself to drown in credit card debt. I have seen life’s destroyed because they allowed their credit card debt to get out of control. According to the statistics you are not alone and there is professional help out there. If you have the desire you can quickly eliminate your credit card debt by following the tips that I have given you.
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