How to Get Out of Credit Card Debt
Today on Gold West Financial’s blog we are writing a very important article addressing a sensitive subject matter for many Americans. We are going to go over practical steps to help you get rid of credit card debt, for some the path of debt consultation is the appropriate path to consolidate credit card debt and for those in that category we have provided steps to take as well. Here are some statistics and facts about the current state of credit card debt:
- Even before the pandemic 2020 began with Americans owing more than $1 trillion in credit card debt
- Nearly 190 Million American have credit cards
- The average U.S. household owes $8,509 in credit card debt
- The average interest rate on that debt is 14.4%
- The average American spends at least $753.80 per year on credit card interest
Given these alarming statistics it is clear that there is a deep need to find solutions. If you find yourself looking for solutions, tips and debt consultation loans go over this list to help make your situation better.
1. Make a Budget
Go over your monthly spending and look for consistent non essentials. Many are surprised to find the vast sum they spend on things such as entertainment, eating out and shopping. Taking a break from non essential spending for a few months and incorporating those funds to alleviate your debt is an important part of the process that requires discipline. Besides choosing to consolidate credit card debt this is one of the more practical solutions.
2. Lower Interest Rate
Especially after a year of a pandemic leading to new financial procedures and emergency plans laid out from financial institutions now more than ever before there are opportunities for consumers to contact the creditors and request lower interest rates. Just like finding debt consolidation loans this takes time and will require some research. If someone says no the first time do not give up, try again and speak to a different department head.
3. Consolidate Credit Card Debt
The most powerful measure to take is to consolidate your credit card debt. This is a very important step however you must ensure that you work with the proper organization when it comes to this field. Make sure you work with a company that has a reputation of having a top tier consumer rating for providing debt consolidation loans. Make sure you work with a U.S. based company and not one based in a different country, build a report with a representative of the company and ask questions. You will want to get a loan with the lowest interest rate possible, find options that will save you money in the long run. You can request a official debt calculation when speaking with the company providing you with a debt consolidation loan.
If you are looking for someone who can provide answers to your questions call one of the certified representatives at Gold West Financial to see how they can help your financial future.