CHICAGO, IL - 07/07/2016 (PRDistribution.com)
In the U.S. the amount owed on credit card debt has increased significantly to nearly $952 billion and could reach $1 trillion in 2016, according to a report from The New York Times. With 35 percent of Americans carrying a balance from month to month on their credit cards, according to the 2016 National Financial Literacy Survey.
“The amount of debt owed by consumers is partly due to financial neglect, negative spending habits and poor financial education” states, K. D. Nelson, professional accountant and publisher of the book “Laws of Managing Credit Card Debt.” That provides financial guidance with debt payoff strategies to help consumers save time and money.
So how should you avoid getting deeper into credit card debt? Here is some useful advice to help achieve financial goals:
1. Educate Yourself and Seek Professional Help
In the fight for higher wages and equal pay to provide for your needs. Seek professional guidance that provides the necessary tools to get out of debt successfully. Would you agree that you might be in better shape financially if you had received financial education before you started using credit cards? Getting help today could improve your financial well-being a few years from now.
2. Create a Budget and have a Plan
Using a credit card for daily expenses or to supplement household income requires creating a budget to determine if the monthly payment is affordable. And with the high cost of living having a plan can help save money and reduce long-term debt. The book, by K. D. Nelson, provides step-by-step examples to develop a plan and maintain a spending budget.
3. Use a Proven Strategy to Pay Off Debt Sooner
Most non-profit credit counseling services provide help with credit card debt and typically charge a monthly fee of $35.00 to $50.00. And filing for bankruptcy to eliminate credit card debt can cost $1,500.00 to $3,000.00. The benefit of getting help with your debt should outweigh the cost and provide a better solution. Using a proven strategy to pay off debt sooner would allow you to maintain flexible spending and become more financially resourceful.
To learn more about the book and get a free copy, visit: www.managingdebtlaws.com