After years of living and enjoying life, it’s all too common for us to find ourselves in credit card debt. In fact, the average household has over $18,000 in credit card debt. If you find yourself with credit card debt it’s ‘normal’. But if we’re being honest, ‘normal’ is not fun.
Credit card debt can grow out of control if it’s not intentionally managed and paid down with focused intensity.
The thing is, many of us use credit cards as an emergency fund. While that can help temporarily, it turns an emergency, like a required car maintenance issue, into a financial problem.
There are many ways credit card debt can add up, but how can you begin to address it and get it paid down?
Before we dive in – If you want to speak with someone about addressing your credit card debt click here to schedule a 15-minute call with a financial coach. The 15min call is free.
The best way to get out of credit card debt is to address the debt as part of a complete financial game plan. It certainly wouldn’t make sense to pay every dollar you have to credit card debts then have your car repossessed for not making those payments or getting evicted or foreclosed on for not paying your rent or mortgage.
Creating financial margin in your budget to free up dollars to use to pay down debt is important. This may mean cutting non-essential expenses. Therefore, having an overall plan to reach your financial goals is key.
You can use the information above to begin to create your financial plan and take control of your financial life. If you are still in doubt about how to address credit card debt and believe you could benefit from reviewing your situation with a financial coach you can get started below:
Click here to schedule a 15-minute call with a financial coach. The 15min call is free.