Avoiding More Credit Card Debt

Credit card debt is once again on the rise. In fact, it’s greatly increasing, perhaps largely due to the sharp increase in inflation which has been greatly hurting family budgets. 

Using a credit card is fine, of course. However, accumulating debt and watching it increase month after month is something best to be avoided. It’s easy for us to simply put things on a credit card. However, steadily growing credit card debt isn’t really dealing with the issue in the best possible way.

Take a look at your spending. Track your spending for one month and break it down into categories, such as entertainment and dining out. Add up the categories. Look at opportunities where you need to make adjustments. 

Look for ways to save. Can you find less expensive phone options, phone service, channels, streaming services or internet?  If you can find a way to cut or reduce eight $10 a month expenses, for example, that will total $80 a month, or nearly $1,000 in a year! Small expenses add up and so does regular small savings.

Another solution is making a free appointment to talk with one of non-profit CCOA’s certified financial professionals. Our financial pros average having 20 years of credit counseling personal finance experience. Talk to your professional for an hour and get an unbiased review of your personal finances, a budget created together, and an Action Plan of recommendations tailored specifically for you. A Debt Management Program is an available option for people to utilize to get out of debt. Just call (479) 521-8877 to schedule your appointment for in person (our Bentonville, Fayetteville or Fort Smith office), or for phone or online. You may also schedule by filling out our form https://www.ccoacares.com/request-appointment/