4 Tips to Get Out of Credit Card Debt
Do you have credit card debt? On average, Americans have around $6,000 in credit card debt. Credit cards have become the primary source of loans for millions of Americans. While some people take on debt because they are optimistic about their future, credit cards are also used as a safety net to pay for necessities like car repairs, home maintenance, groceries and medical bills.
Debt levels are rising. With rising interest rates, interest rates on credit cards are likely to increase as well, making past and future purchases more expensive. People who carry a balance on their cards will pay hundreds or thousands of dollars more on their debt.
To pay off your card debt:
• Stop using your cards
• Make at least the minimum payment on all cards
• Make an extra payment on one of the cards
• When that card is paid off, apply your extra payment to another card
To save money and reduce stress, pay off your debt. Instead of using credit cards as your safety net, have money in a savings account.