Credit card debt in the United States has been steadily increasing for quite some time. Credit card debt is forecasted to increase by $60 billion in 2019. You do not have to be a part of this statistic. If you stay determined and focus on staying within your means, you could be out of debt in no time.

How to reduce your credit card debt

Paying off your debt in a timely manner will save you hundreds or even thousands of dollars in interest payments. Climb out of credit card debt by following these tips:

  • Be honest with yourself: Some people do not keep track of how much debt they have. If you are serious about paying off your debt, it is crucial to know precisely how much outstanding debt you have.
  • Negotiate with your lenders: It may be possible to lower your interest rates on your debt through negotiation. This could save you hundreds of dollars, depending on how much debt you currently have.
  • Calculate your purchases: Writing down your monthly payments is a great way to create a budget. Keeping track of your reoccurring purchases can help you budget for other expenses as well.
  • Avoid making purchases you can’t afford: If you cannot pay for the item in cash, it may not be a good idea to purchase it with your card. Living beyond your means is how most people end up in credit card debt.

If you are feeling overwhelmed by your credit card debt, there are other options available. You can seek the services of a bankruptcy attorney for additional guidance. They can assess your financial situation and give you recommendations.