Fix Credit Card Debt - To Pay Or Not To Pay?
Credit card debt is, on average, the second largest debt that an individual or family has. This is following only the home mortgage and even exceeds the average debt that a person or family has on their car. Due to this, many people find it almost impossible to pay off their credit card debt. The interest rate on credit cards is so high that it can take years to pay for a simple, small purchase. For a person to become financially independent, it is an absolute necessity that they pay off their credit cards.
A person can, in many cases, eliminate their credit card debt on their own. One of the many ways that people rack up too much credit card debt is if they have a number of credit cards and either can't keep track of them or use them too much every month. In that case, the best solution is to pay the minimum every month on every line of credit except for one. A person should pay as much as they can possibly afford on the last bill. And if a person has too many cards, once they do manage to pay off that bill, they should cut it up and not use it again.