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r e d f c u.o r g
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To address other financial questions, call Redstone at 256-722-3796
or email aspire@redfcu.org.
Ways to Manage Credit Card Debt
Need a "get out of debt" plan or just need
someone to review your credit report
with you? Redstone
,
s accredited financial
counselors can help..
Have a budget and monitor your charges. Credit cards should not be
used to finance an unaffordable lifestyle. Limit impulsive spending
and try not to spend more than 30% of your credit limit. Not only does
this help your credit score, but it can also help with managing debt and
lowering your minimum monthly payments.
Transfer credit card debt to a card offering 0% on balance transfers.
While enjoying the 0% rate, make double payments to pay down your
debt, or consolidate your debt into a personal loan with a better interest
rate than your current credit card loan.
Pay off your balance each month. By paying off your statement balance,
you can eliminate a large interest charge that will ultimately increase
your balance.
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Credit card debt hit a high of $887 billion for Americans in the second quarter of 2022,
according to the Federal Reserve Bank of New York.
If you are among that number, with more debt than you can comfortably manage, what
can you do?
Here are some ways to manage credit card debt:
