How to get rid of your credit card debt by the end of the year
(WTNH) – If you see your credit card debt rising, you are not alone. The pandemic is wreaking havoc on our finances.
We stretch your dollars with those who have the most difficulties.
Long queues at the food bank and job losses. It is not surprising that the country’s credit card debt is increasing. In fact, a Bankrate survey found that 42% of consumers have added to the amount they owe since the start of the pandemic.
Those struggling the most are millennials, many of those working in the service industry have seen their hours cut and they are spending more as businesses reopen. Millennials are also more likely to already be struggling with student loan debt as they try to get into their first home.
If you are facing additional debt this year, there are three ways to turn it around before the year is out, but it takes commitment.
NASDAQ says first, commit to living on a tighter budget, be more frugal at the supermarket, consider cutting back on your streaming services, and take note of your excess spending.
You can consider a secondary activity, flexible compared to what is already happening in life. NASDAQ says you can apply to write or edit home content, drive for a rideshare service, or register to babysit or house when it’s convenient for you.
Third, make a balance transfer. If you commit to making changes to your spending, the transfer may be worth it because you reduce debt. This will help you save on those high interest rate credit cards. Some cards currently offer zero percent APT through 2023.
It only takes a game plan and a commitment to make a financial change before the costly holiday shopping season knocks on our door.
NASDAQ reviews some of the best balance transfer cards. For more information, click here.