Money management tips to ease your credit card debt

COLUMBIA, SC (WOLO)– One study found 64% of Americans are starting the new year with credit card debt, but there are some things experts say you can do.

First, cut back on frivolous spending. The survey from topcashback.com says to hold yourself accountable by having a money buddy help you stick to your financial goals.

Next, use a repayment strategy that works for you. They say to try the “avalanche” debt repayment method, which prioritizes your debt repayment based on the interest rate.

Also, incorporate a budget that fits your lifestyle, like trying a 50-20-30 rule. This means to spend 50% of your after-tax income on essentials, 20% on savings and 30% on lifestyle choices like shopping.

Next, start paying with cash to avoid extra debt.

Finally, avoid overspending on non-essentials.

Categories: National News