Credit card debt is rearing its ugly head once again. “A new survey by the credit card comparison website CardHub shows the average household’s credit card balance is now $7,177,” WCTV reports. “That’s the highest point in six years.” Thanks to the economy slowly turning around, shoppers all across the U.S. are getting more comfortable charging things again. Unfortunately, many consumers aren’t exactly being cautious — and exorbitant credit card debt is, once again, a huge problem.
Thankfully, there are several ways to get a grip on these debts and pay them off for good.
Slowly But Surely Pay Down Debts
There are several ways to slowly pay off debts. First, do whatever you can to avoid making the problem bigger. That is, stop using credit cards — or only use them when you absolutely have to. Second, try the reverse laddering technique. “Start by organizing all your credit card bills, house payments, student loans, and car payments into a prioritized list, starting with the highest interest rate and ending with the lowest,” Forbes advises. From there, pay the minimum of on credit cards and loans — but pay off one card with the highest interest rate as soon as you can. Once you’ve done that, move onto the next item on the list.
When You Need An Immediate Solution
Of course, while taking care of debts slowly is ideal, the reality is that consumers don’t always have that kind of time. Sometimes a card payment — or several card payments — are long overdue, and you have to pay it now or risk financial turmoil. Relax. There are several options to scrounge up some extra funds immediately. It is possible to cash in structured settlement payments, annuity settlements, a lottery annuity, or lottery payments, for example.
Credit card debt is tricky; it can creep up on you and quickly overwhelm you. Tackle debts by paying them off one-by-one, or, in a bind, it may be wise to cash in structured settlement payments for an instant and reliable source of cash. More research here. Find out more here.