Many Americans struggle with their finances. And therefore, many Americans have some sort of credit card debt. Credit card debt is not a moral failing. And sometimes it may be impossible not be in credit card debt if an emergency arises. But if you are using your credit card often and racking up debt for non emergencies, it may be time to rethink. The sooner you get started paying down your debt the sooner you can achieve your financial goals.

 Here are some simple steps to help you zap your Credit Card Debt.

• Start by avoiding continued charges at all cost. If you can’t afford to purchase an item without a credit card, don’t buy it!
• If an emergency purchase is necessary, or you anticipate a large upcoming expense, you may wish to make plans for a home equity loan and not a credit card. This may allow for a lower interest rate, and the interest could be tax deductible.
• If possible, consolidate your balances into one card with the lowest interest rate. If you can’t consolidate then start paying off the card with the highest interest rate, and double or triple your monthly payments until you eliminate your balance.
• Consider using money you may have in a low interest baring savings account to pay down high interest credit cards. For example, if your savings account is only paying 2% and the interest on your debt is 14% it makes sense to use savings to get rid of debt.
• Be committed to your credit card repayment. Should you find unexpected income, like a tax refund, use it!  Any lump sum payments make a big difference in lowering your debt.

This process may take months or even years. But with a little patience and planning, it is well worth it become debt free. Ridding yourself of debt is the first step to finding financial freedom today and more importantly your future. If you are struggling to make this plan a reality, don’t hesitate to talk to a financial advisor to help you make a plan.

Answers from AZ