Credit card debt has become one of the great financial hurdles for American's. It's such a problem that March 21st was named, Credit Card Reduction Day.
To give you a sense of how easy it is to get snared by credit card debt, consider this statistic: 38.1% of all households have some sort of credit card debt. The mean credit card debt among women was $5,245, and $7,407 among men. Additionally, a 2015 stat from NerdWallet showed that the average U.S. household carries $15,675 in credit card debt.
To help conquer this debt feat, Kasasa asked personal finance experts to come up with 5 of the most useful things you should know.
- Look at your debt - how did you find yourself in this situation?
- Put the credit card down and back away from the register
- Choose your method and commit - snowball or avalanche approach?
- Negotiate your interest rates down
- Cut expenses and boost that bottom line
For a more in depth look at each step, check out the full blog post here.