Reducing credit card debt is 'crucial to financial health,' according to a debt counselor. Read about his 3 tips to pay down your balances here:
president and CEO of American Consumer Credit Counseling"Reducing credit card debt is always crucial to financial health," Amadin said. "However, now more than ever it is critical for Americans to survive day-to-day costs of living and still be able to put money aside for savings."For starters, using a worksheet or online tool can help you see where you are spending money and how to better disperse those funds.
When trying to reduce debt, make sure to temporarily remove all unnecessary expenses, such as streaming subscriptions, dining out or impulse purchases. Cutting back on those expenses will help you stick to the budget, stop adding to your revolving balance and pay down more debt.Paying your credit cards on time will ensure you avoid late fees and penalties. But don't just pay the minimum required — that won't do much to avoid hefty interest charges on the balance.
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