Credit card debt can have a significant impact on your financial well-being. It is important to understand what credit card debt is, how it works, and the potential consequences it can have on your overall financial health. In this comprehensive guide, we will explore the concept of credit card debt, its benefits and drawbacks, strategies […]
Understanding Credit Card Debt and Its Impact on Your Finances Read More »
Even though I got my first credit card more than 25 years ago, I remember it like it was yesterday. I was a freshman attending the University of California, Irvine. At age 18, just receiving an invitation to apply for a credit card made me feel so grown up. Back then, credit card solicitations were
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You don’t need to be a rocket scientist to figure out that having a lot of credit card debt can be a drag. Duh. It’s no fun stressing every time you get your monthly credit card statements or worrying if you’ll have the money to at least cover the minimum payments on your credit card
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any of my readers want to get out of debt – especially at the beginning if the New Year when they’ve made various financial resolutions. One recurring question I’m often asked is: which debts should I pay off first — student loans or credit card debt?
Which to Pay Off First: Student Loans or Credit Card Debt? Read More »
A reader on AskTheMoneyCoach.com wants to know what to do about debt she can no longer afford to pay due to the loss of the family’s primary breadwinner.
How to Deal With Credit Card Debt You Can’t Afford to Pay Read More »
Many people say they want to get out of debt but they continue to make the same financial mistakes over and over again. In this video, I’ll tell you 4 of the dumbest things you can do if you want to get out of debt.
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With credit card interest rates averaging over 25% in 2025, consolidating your debt can be a strategic move to reduce interest payments and simplify your finances. However, it’s essential to assess your financial situation carefully before proceeding. What Is Credit Card Debt Consolidation? Credit card debt consolidation involves combining multiple credit card balances into a
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f those credit card balances just never seem to disappear or you’re drowning in debt, you need a realistic payoff plan to get your financial house back in order. According to CreditCards.com, the average credit card debt per household with credit card debt in 2012 was $15,956. That’s a significant debt load for the typical
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Transferring your credit card balances (balance transfers) can be an effective way to save on interest you would otherwise accumulate on a high-interest credit card, and can also increase your credit score as you clear up your credit lines. However, there are some things you need to be aware of before you authorize that transfer.
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Even though you might be very good about paying your credit cards on time, knocking out your balances in full each month, or keeping your debts to a minimum, you might still be making some common mistakes with your credit.
5 Credit Card Debt Traps to Avoid Read More »
Many people ask me about various payment strategies to eliminate debt. So in this post, I’ll offer some guidance on how to effectively reduce debt and keep your finances strong. Specifically, let me answer the following question someone recently asked: Q: Can you reduce the payoff on a credit card by paying bi-weekly or weekly
Credit Card Payment Strategy: Do Bi-Weekly Payments Reduce Debt Faster? Read More »
It’s a question all consumers struggling with debt will have to confront at one point or another: Should I use my savings to pay off my credit card bills? Generally speaking, I don’t think it’s a wise idea to tap into savings, especially things like retirement savings, in order to pay off credit card debt.
Should You Use Savings to Pay Down Debt? Read More »
When it comes to managing credit card debt, understanding how much over the minimum credit card payment you should pay is key to staying financially healthy. There’s no universal rule—but one truth remains: The more you pay above the minimum, the faster you’ll get out of debt and the less interest you’ll pay. Here’s why
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If you or a loved one is awash in credit card debt, the situation might look hopeless. After all, you may be staring at thousands of dollars worth of credit card bills with no real idea about how to eliminate that debt. Some people simply try to pay off high interest rate debt first. But
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Dealing with debt collectors is stressful. They call at all hours of the day and night. They hound you for money – whether you’re working or unemployed. And they generally make life unpleasant when you owe them, or one of their clients, cash. But just because you owe a company money doesn’t mean they have
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