HOW TO PAY OFF MORE CREDIT CARD DEBIT BEFORE HOLIDAY SHOPPING STARTS

Matt Case - October 16th - 7:45am PST 

In recent research findings, it has come to light that the typical American consumer is grappling with a substantial burden of approximately $6,000 in credit card debt. This revelation underscores the financial challenges faced by a significant portion of the population, particularly in the lead-up to the holiday season.

Thankfully, there are practical strategies available to assist individuals in alleviating these debt burdens in preparation for the impending holiday expenses. Experts recommend a structured approach, beginning with a vital first step.

The initial measure is to gain a comprehensive understanding of one's financial obligations, encompassing an awareness of the interest rates and the total outstanding balances associated with each credit card. Armed with this crucial information, individuals can embark on the development of a well-informed and effective plan to curtail their credit card debt. This meticulous approach can serve as a cornerstone in the journey towards financial stability and responsible spending during the holiday season.

• Know what you owe - Step one is getting a handle on how much you owe. That includes knowing what interest rate you’re paying on the total balance of each card. When you figure out how much you owe and what you’re paying to borrow that amount, it’ll be easier to come up with a plan to pay it down.
• Review your credit report and score - You can get a free credit report online from the three major credit rating agencies - Equifax, Experian and TransUnion at AnnualCreditReport.com. Check them for errors and incorrect information, which you can dispute online. These reports won’t include your credit score, but credit card companies often let customers see their scores.
• Consider consolidating your debt - Using a 0% interest balance transfer card is one of the best ways to consolidate credit card debt, but you may need a credit score of 700 or higher to get one. A personal loan is another option, which can have an APR of around 12%.
• Work with the credit card company - Asking them for a lower rate sometimes works, as a Lending Tree survey finds around three-quarters who asked for a lower rate on their credit card in the past year got it.
• Choose a repayment strategy and stick to it - There’s no quick fix, so come up with a plan and stick to it.