Money Monday: how to chip away at credit card debt - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Money Monday: how to chip away at credit card debt

(Source: KFVS) (Source: KFVS)
(KFVS) -

New numbers show the average American family has about $16,000 dollars worth of debt, for things like student loans and even medical expenses.

If you add credit card interest into the mix, that number gets even bigger.

Financial experts at The Motley Fool say there are some things you can do right now to pay down your credit card debt, and get on financial track.

First, stop using credit cards. Instead pay in cash or use a debit card.

If you do need to go with a credit card,  compare offers.Look for 0% introductory APR (Annual Percentage Rate) offers, or zero balance transfer fees.

However, you will want to make sure you know when the APR goes up, and try to pay your balance down before that date. 

You don't want to be stuck with more debt because of interest fees.

Finally, pay often. 

Pay down your balance on the credit cards you have, and pay more than the minimum balance.

If you can put more of your monthly budget towards paying off your card, do it.

Chipping away at your debt one dollar at a time will eventually add up.

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