It is hard to pay off debt especially when the interest rate is almost 20%. Credit card debt is common in the American dream. So much common that the average amount of debt that a family carries if well over $10,500. Combine with the previously mentioned fact about credit card rates being high. Not all debt is completely bad though. Continuing education, for instance, is one great reason to take out money as a loan. The thing people do wrong here is to take out more than they need. Depending on your situation, you may even be able to work during school to pay down your loans. Get the highest credit score that you can so that you will be sure to get the best rates.
Whip out the plastic only when you can pay off the balance completely. For things like food and vacations, these are consumed quickly and only use your card if you can pay it off. Especially when you don’t suffer the consequences of making the purchase right then and there, you will forget about your purchase on plastic. While we are working on our financial situation, take the time to get your free credit score report and check for any errors. There is only one person responsible for your financial health and that is you.
If you have more than one credit card that has debt, start by paying down the highest interest rate card first. The high interest rate being pad off means more dollars in your pocket. Find out what is a good credit score and compare yours to this scale. If you only pay off just the minimum of your credit card, you will never pay down your debt. The best case scenario is to pay off your credit card bill in full.