Paying Off Credit Card Debt Doesn't Have to be Impossible
By: Stephanie Armas
Do you regularly carry a balance on your credit card? You’re not alone, the average U.S. household has an estimated $6,929 in revolving debt.* So how do you end the cycle of always having a balance on your credit card? Here are some helpful tips to get you started.
- Don’t spend what you can’t pay back. To help eliminate paying interest, or worse, late charges, only spend what you can afford to pay back at the end of the month. Treat your credit card like cash, if you couldn’t buy it with your debit card, don’t buy it with your credit card. By paying off the balance each month you reduce the likelihood of paying interest on charges, which saves you money!
- Pay on time, every time. Life happens, we all get that, but when it comes to making late payments it could really hurt you financially. Eliminate late payments by setting up an automatic payment on your credit card. Not only does this give you peace of mind, but also saves you from costly late fees and interest charges.
- Create an emergency fund. Pulling out your credit card when there is an emergency can be tempting, but isn’t always the best solution. Consider creating an emergency fund, think 3-6 months’ worth of expenses in your savings account, so when an emergency does strike, you’re prepared. Need help getting started? Open a Save to Win account. With every $25 deposit you’ll be entered for a chance to win up to $250 per month or up to $5,000 every quarter. Setting up an emergency fund has never been easier or more rewarding!
- Consolidate credit card debt. Do you know what your current rate is? If not, now is a great time to check and if you’re not getting the best rate, consider switching. Did you know Electro offers Visa credit cards? Check out our competitive rates and see if we could save you money!
Electro is here to help you meet and exceed all your financial goals! Don’t let credit card debt stand in your way. Check out our credit cards and apply today!