How can I reduce my high credit card debt?

5 Simple Ways to Get Out of Credit Card Debt Faster

1. Learn your interest rates and pay off highest-rate cards first.
2. Double your minimum payment.
3. Apply any extra money in your budget to your payment.
4. Split your payment in half and pay twice.
5. Transfer your balance to a 0% credit card.

What is the most effective way to avoid excessive credit card debt?

10 Strategies to Avoid Getting into Debt

1. If you can’t afford it without a credit card, don’t buy it.
2. Have a fallback emergency fund.
3. Pay off your credit card balances in full.
4. Cut-out the wants, focus on the needs.
5. Everything is better with a budget.
6. Do not use your credit card for cash advances.

What’s the best way to get out of debt?

Here are some options for getting out of debt: A balance transfer credit card is one of the easiest and most straightforward ways to pay down credit card debt. A balance transfer card typically offers a 0% APR for between 12 and 18 months, depending on the card. Keep in mind that the card may charge a balance transfer fee of 3-5%.

What’s the highest US credit card debt ever?

U.S. credit card debt hit a record $930 billion with younger Americans having the highest delinquency rate. CNBC Select breaks down some tips on how you can pay off credit card debt.

Why is there so much credit card debt?

The sudden spike in credit card debt coincides with states issuing stay-at-home orders that have forced millions of businesses to shutter. Alarmingly, 23% of credit card debtors have added to their credit card debt as a direct result of the current Covid-19 pandemic.

How much is the US revolving credit card debt?

Americans’ revolving debt, the bulk of which is credit card balances, fell to $975.9 billion in 2020, down from $1.0942 trillion 1 in 2019, according to the Federal Reserve. Revolving debt clocked in at over $1 trillion for the first time since the Great Recession in September 2017.