Some King County residents spend their entire lives chasing after their credit card debt. It’s a problem that many Americans are facing as our nation’s credit card debt remains exorbitantly high. In fact, can you believe that the average American family holds credit card debt amounting to over $8,377?
If you ever hope to climb out of debt on your own, without applying for bankruptcy, here are a few things you should stop doing right now:
— Don’t pay the minimum balance: When you pay the minimum balance on your credit card, you’re going to be paying a lot more interest in the long run. Plus it will take an exponentially longer amount of time to finally pay off those bills. Paying your balance in full each month is preferable, but if you can’t do that, at least consider paying as much as you can — and never get stuck in the rut of just paying the minimum balance due.
— Don’t try to keep up with the Jones’s: The Jones’s may always have a better car than you, they might buy the latest electronic gadgets and they might have the coolest lawn animals in town. However, trying to keep up with them is a sure-fire way to get into credit card debt. Spend within your means, save your money and don’t go into debt just to spend as much as your friends.
— Face the reality of your debt: So many people keep racking up debt on their credit cards and ignoring how much they owe. This is dangerous. You need to look at your balances each month, and always pay attention to how much you owe and your strategy for paying it off.
Sometimes there’s no way to pay off your credit card debt without assistance. If you’re under a mountain of bills that you can’t pay, filing for bankruptcy could be the answer.
Source: CNBC, “6 things to give up if you want to get out of credit card debt,” Kathleen Elkins, accessed July 07, 2017