In 2015, the average American had approximately $15,762 in consumer credit card debt and the United States as a whole had more than $733 billion. Credit card debt was the fourth largest type of debt in the country, following student loans, auto loans and mortgages. However, most consumers retain this debt for many years and end up racking up thousands of dollars in interest. This typically occurs because consumers prioritize other payments such as mortgage payments, student loan payments, hospital bills and car payments, and therefore only make the minimum credit card payments each month.
Below are some tips to help you quickly pay off $10,000 in credit card debt.
• Find out your total balance. The first thing you need to do is find out your total amount of debt, totaling all of your consumer credit cards.
• Stop the interest. The next thing you need to do is look for a card that is offering a long lasting “0% intro APR balance transfer” promotion. Next, transfer your balance to this card. If you have more than one card with a balance, try to consolidate all of your credit card balances to the same card offering 0% interest. In many cases, interest accounts for as much as 75% of your monthly payment! According to NerdWallet, the average household pays $6,658 in interest per year in various debts.
• Power through the balance. After you have transferred your balance, it is important to take advantage of the interest-free period of your new card. Continue to make the same payments you made before and your balance will start shrinking much faster.
If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.
Related Resources:
https://www.nerdwallet.com/blog/credit-card-data/average-credit-card-debt-household/
