Where The Money Reside: 10 Financial Strategies For The New Year
- By
Michelle Farley
Source: Grace Cary / Getty
Pay Down Credit Card Debt
According to the Federal Reserve, consumer credit card debt continues to drop due to “consumers spending less amid the COVID-19 pandemic, as well as households paying down existing credit card debt.” If you have credit card debt, consider making it a goal to pay it off. There are a few ways you can pay down credit card debt.
A few suggestions:
- Pay off your higher-interest debt first (known as the avalanche method).
- Pay off your smallest amount of debt first (known as the snowball method.)
If you’re struggling with credit card payments, it might be time to call in reinforcements like a credit counseling agency, take out a personal loan, or settle your debt with the company.
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