5 ON YOUR SIDE: Credit card debt

If credit card debt has you feeling stressed, you’re not alone. Many families are struggling to keep up and it can feel like you’ll never get ahead.

But there are ways to take back control. Consumer Reports breaks down simple ways you can start paying down your debt and get some breathing room.

Altogether, Americans owe more than a trillion dollars in credit card debt. The average balance per household is around $6,000.

With many credit cards with interest rates over 20%, it’s tough to make a dent.

If you’re struggling to pay down your debt, Consumer Reports says you should stop spending on your credit card and look for ways to cut back on monthly spending.

If your credit score is in good shape, you could move your high-interest balance to a card that offers 0% interest for the first year or so. Just tru to pay it off before that period ends, or the usual high interest will kick back in.

You could also try to adjust your payment dates to line up with your payday, which can make staying on top of bills a lot easier. Some credit cards let you pick your own due date.

You can also try setting up automatic payments. That way, at least the minimum gets paid on time and you avoid late fees.

But if your debt is becoming too high, Consumer Reports says you can call the credit card company and explain your situation. You can ask them to lower your interest rate and ask if they offer a hardship plan.

You can also contact a reputable nonprofit credit counseling agency. They may be able to lower your interest rates and consolidate your debt into one manageable monthly payment.
The post 5 ON YOUR SIDE: Credit card debt first appeared on KSTP.com 5 Eyewitness News.