How to Get Out of Debt With Your Credit Cards
In this video, Mosun will share a few of her personal tips to save yourself from being crushed by your credit card debt.
Mosun is a personal finance enthusiast who has cultivated a deep love and curiosity about all things related to building a wealthy life and attaining personal independence.
How to Reduce Your Credit Card Debts
Did you know that the most damaging debts are credit card debts?
That’s because of the ridiculously high fees. So for instance, the average interest rate on the credit card is 17.87 % So what that means is, if you rack up lots of debt on that card and you start paying off $150 monthly, it would take you 27 years to pay it off.
And not just that, you have to pay over $40,000 in fees. So how do you reduce your credit card debt quickly?
Make sure you are making more than the minimum monthly payment. You also make sure that you’re working with your credit card provider to help you either stop the interest rate accumulation or temporarily reduce the interest rate.
That way you can save yourself from crushing debt.