Credit Card Debt | Freeman Capital

Pay off credit card debt faster with this

easy 5 step formula.

According to NerdWallet, the average American household carries $16,061 in credit card debt. What would you buy with $16k? More importantly what would you invest in with that type of cheddar?

General student loan debt facts

  • Average Household Debt: $5,700
  • Total outstanding U.S. consumer debt: $3.9 trillion
  • Total revolving debt: $1.03 trillion
  • 41.2% of all households carry some sort of credit card debt

(According to most recent data from the Survey of Consumer Finances by the U.S. Federal Reserve)

If you’re in this situation, there is hope. Not the kinda hope you pray for, but the type that you can learn and use the knowledge to pick yourself up. Here are multiple ways in which you can do that.

Top 4 Ways to Pay Off Credit Cards — FAST

  1. Make more than the minimum payment
  2. Find a balance transfer credit card. The length of the introductory period varies but a new credit card that has an introductory period with 0% APR can allow you time to catch up.
  3. Sign up for auto-pay. If you’re trying to pay off your credit card debt with autopay, your payments will be automatically sent by your bank. (Great for people who can’t remember if the oven was left on)
  4. Tax-deductible interest payments. We know that a great deal of Americans aren’t very fond the IRS but some types of interest payments are tax-deductible:
    • Interest on outstanding student loans
    • Interest on home loans (including mortgages and home equity loans)
    • Interest on money borrowed to purchase investment property
    • Interest on business expenses 

A CERTIFIED FINANCIAL PLANNER™ professional is the game changer.

A financial planner can help you plan a budget and set up a debt repayment plan that will accelerate how fast you can pay off your debt. They can also help you find extra money in your budget to put toward your debts.

Most credit counseling companies offer you a set of plans that can cost anywhere from $200 to thousands of dollars. But financial planners at Freeman Capital can:

  1. Offer credit counseling
  2. Review your debt to determine how much you owe, payment terms and repayments
  3. Provide options to make sure you understand the pros and cons 
  4. Deliver a personalized plan to help you pay your ALL your bills
  5. Provide emergency debt support, which is especially helpful if you’re in default
  6. Create a personalized plan to bring any delinquent loans current
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