Next Steps to Gain Control of Your Credit Card Debt | Guiding You Forward
In this episode of Mountain America Credit Union’s Guiding You Forward video podcast, we talk with Jade Beckman, vice president of consumer loans.
It’s great to know how to use credit cards responsibly and stay out of debt. But what if you’re already in debt?
In this episode, you’ll learn:
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Specific strategies to pay off debt.
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What to do if you’ve lost your income.
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The best ways to use your credit card.
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An important piece of financial advice.
If you are staring at high credit card balances and wondering how to get them paid off, a great first step is to make a payment plan and stick to it. There are several helpful strategies—the snowball method, avalanche method and tsunami method. Figure out which one makes the most sense for your situation and get started!
If you’ve lost your income this past year and have relied on your credit cards for necessary living expenses, be proactive—reach out and talk with your creditors. Since this unfortunate situation is all too common right now, it is in your creditors’ best interest to work out something that helps both of you. That may be to skip a month, or three months, to help you get back on track to making regular payments.
We’ve also got some helpful tips for using your credit card. Our expert recommends not spending beyond your means and offers additional ways that may help to boost your financial health quotient.
Be sure to stick around until the end when our credit card expert reveals the most important financial advice he’s ever received. Let’s just say mastering this one simple principle (okay, maybe two) could put you on the path to financial success for the rest of your life.
