Helpful Tips On Paying Off Credit Card Debt From 4 Pillars

One of the services our debt consultants at 4 Pillars offer all our customers is education on financial management that is tailored to their specific financial concerns. For most consumers in the Victoria area, credit card debt is one of the top issues, and it is an unsecured debt that can rapidly spiral out of control.

For some people, credit card debt is a result of overspending or living beyond their financial means through buying items on credit. Often people rationalize these types of purchase and plan to pay off the purchase before the next billing cycle, but this never seems to happen.

At the same time, the new purchase adds to the existing balance, and also to the interest the consumer pays on the card over time. This begins what is known as the snowball effect, as the principal and interest on the card, as well as any fees, start to grow at an ever-increasing rate.

To avoid this problem, 4 Pillars offers the following advice for avoiding credit card debt in the future. Of course, we are always here to assist consumers in Victoria in paying down their current credit card balances and getting out of the way of the credit card snowball.

Pay Off Balances Monthly

Once you have all current debt addressed and paid off through working with our debt consultants, the next step is to avoid repeating the same issues that created the problem. Only use the credit card for purchases that can be paid off in the billing cycle. This may mean creating a written budget and allocating what the card can be used to purchase.

Use One Card Rather than Many

It is not uncommon for our clients at 4 Pillars to have multiple credit cards. A good idea is to get rid of all but the lowest interest rate card, and use just one card rather than juggling purchases across, three, four, five or more cards.

To learn more about how 4 Pillars can assist with your credit card debt, contact us today at 866-690-3328.