Credit card debt in America almost seems like a way of life. With 6 out of 10 Americans in debt, the situation is nothing less than alarming. The average American household owes $16,748 and many Americans have continuously found themselves under a growing mountain of debt. While they are spending, most borrowers don’t realize that paying back the debt is costly and greatly affects your overall financial health.
Carrying a balance on your card each month means that you will pay a hefty amount of money in interest rates. If you’re among the several Americans with credit card debt, the good news is that it is possible to pay it off whether it’s $4000 or $40,000. With focus and discipline, there’s no doubt that you can attain ‘debt-free’ status in a short time with the following steps:
1. Know Your Exact Debt
Many people are not aware of exactly how much they owe. Some will say they owe $8000 and yet the correct figure is $10,000 or $12,000. You can’t pay for what you don’t know for sure, so make it a point to record your debts. Don’t be afraid to look at your statement and face the truth. Continue reading