Here’s How You Can Liberate Yourself From Credit Card Debt

credit card statement

For Americans, credit card debt is now a new source of oppression. According to the NerdWallet survey, the average U.S. household with debt carries $15,355 in credit card debt and $129,579 in total debt! That’s a staggering statistic.

Credit card debt is truly a major financial obstacle that ties people down. Nonetheless, the subjugation goes down further when you are served with a summons and complaint.

To avoid this situation, you will need to liberate yourself from the credit card debt. Here are some useful tips that can assist you in overcoming this unsecured debt:

1. Give Your Budget a Complete Overhaul

While staying committed to the idea of paying off your credit card bills every month, you should also be mindful of your expenditures and find ways of cutting back on them. Closely examine your monthly budget and try to reduce or completely eliminate the unnecessary expenses such as dine outs, entertainment, unutilized gym memberships etc. By following this routinely, you will be able to create a whole new spending plan to incorporate additional debt payments. Don’t give up on keeping track of your budget and expenditures to ensure you continue to follow it.

2. Bid Adieu to Minimums

If you have always been only paying minimum dues, it’s high time that you step up your game. There are certain credit card companies that require you to pay only 1-3% of your total bill every month, including interest and fees. If you continue to stick to this repayment plan, you won’t be able to pay off the credit card debt even after years. While you may not be able to make full payments initially, try to pay double or triple of the minimum due every month to do away with the debt faster.