In using a credit card, consumers need to be very smart to avoid the trap of bad debt. Indeed, it is a conscious decision that every credit card holder has to make. But what if you are already trapped in credit card debt? Can you find the way out on your own? In this article, we present the steps that will lead you towards freedom from credit card debt.
Know where you stand. How much do you really owe your credit card company? Sometimes, there might be charges reflected on your credit card bill that were not yours at all. Yes, sometimes erroneous reporting can make your debt bigger than it really is. Carefully review each of your credit card accounts and in case you find errors, dispute them with your issuer right away.
Prioritize. If you own multiple credit cards and you have balances on each, it might not be possible to pay down your balances in full on all accounts. In this case, one strategy that you can do is to prioritize your debts. How?
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