What Not to Do When You Have Credit Card Debt

If you’re up to your eyeballs in credit card debt, you might feel like there’s no way out. You’ve probably heard a lot of advice about all the things you’re supposed to do, but what about tips for things to avoid? Here are some of the things you should not do if you have credit card debt.  

Don’t: Charge Your Cards

If you haven’t already, put your credit cards away. Create a personal or household budget to stick to every week. Living within your means won’t erase your credit card debt, but it will prevent it from growing. Also, don’t open new card accounts.

Don’t: Forget Your Other Bills

Ignoring any bill is a bad idea, especially when you’re starting your journey to pay off your credit card debt. Sometimes bills become overwhelming, so you may think about turning to credit cards to help. It’s better to consider debt consolidation. Working with a financial expert who understands debt consolidation can help you pay off your debts more quickly.

Don’t: Not Save

Even if your credit card debt is high, you should still continue to put some money in a savings account on a regular basis. It’s always a smart move to think ahead to inevitable emergency expenses. The last thing you want to do is get even further in debt when the unexpected happens.

Don’t: Waste Your Time

If you have extra time in your day to watch television or read a book, you may have enough time for a second job. Expanding your income stream is a smart way to sock away extra money for paying debt. Think creatively about how you can bring in more cash.

If you have questions about debt consolidation options, go to Refi.com. A financial expert is available to answer your questions today.

Sources:

https://www.thebalance.com/debt-habits-to-avoid-960829

https://www.thepennyhoarder.com/smart-money/debt/credit-card-mistakes/?aff_sub2=homepage