Got card debt? Nearly half of all credit card holders do. Credit card debt is almost at an all time high of $1.3 trillion. The average individual card balance is around $7,000, with over 21% of credit card holders owing a balance of more than $10,000, with the average interest rate over 22%! What can you do about it? Here are a few tips that can help:
Cut up or put up the plastic. It’s hard to put out a fire if you’re adding more gas to it. Sometimes the best course of action is to cut up a card or lock it away and make do with a debit card, which is money that you do already have.
Call and ask your creditor for a lower interest rate. Sometimes this works, sometimes it doesn’t. But it doesn’t hurt to ask.
Target your credit card with the highest interest rate. This is the one that is costing you the most money in interest charges, so it’s your main focus to knock out.
Talk with a Certified Credit Counselor. Have one of CCOA’s caring financial professionals look at your finances, create a budget with you, and talk to you about your credit card debt and what you can do about it, including a Debt Management Program and how it might be a great solution for you. The one hour session can be done by phone, online, or in person at our Bentonville, Fayetteville or Fort Smith offices. The session cost? Completely free; paid for by grants. You’ve got nothing to lose and everything to gain, so give us a call today at (479) 521-8877 or request your free appointment online.
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