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BIRMINGHAM, Ala. (WBRC) – Do you have mounting credit card debt? You aren\u2019t alone. Many people rely more on credit cards to pay off essentials. How can you manage that debt? We\u2019re On Your Side with a few ways to get it under control.<\/p>\n
\u201cOur credit card debt was like probably $120k,\u201d Rick LeClair said.<\/p>\n
LeClair describing his mountain of credit card debt after combining finances with his wife.<\/p>\n
\u201cWhen they started sending me credit card offers, I was like ok, gimme gimme gimme., and I took them and just went crazy. I went absolutely crazy with credit cards and it was terrible,\u201d LeClair said.<\/p>\n
Right now, higher rates make it even harder to pay off your debt.<\/p>\n
\u201cOn the rate side, the average credit card rate right now is 18.1% that\u2019s the highest since 1996 and that\u2019s all about the feds efforts fight inflation and the fact they have raised rates by two and a quarter points just since March,\u201d Ted Rossman, a senior industry analyst with Bankrate.com<\/a> said.<\/p>\n \u201cIf you have debt and you are struggling with it, my top tip is to get a zero percent balance transfer credit card,\u201d Rossman added.<\/p>\n Rossman tells us these offers let you pause the interest clock for as long as 21 months allowing you to possibly save hundreds even thousands in interest. Another option to manage credit card debt is a low-rate personal loan. Nonprofit credit counseling is also a good option to help you get into a debt management plan. Rossman says managing credit card debt also comes down to the fundamentals.<\/p>\n \u201cEarning more, spending less. Maybe taking on a side hustle, selling stuff you don\u2019t need,\u201d Rossman said.<\/p>\n LeClair took a more aggressive approach. He sold his home and downsized. He used the cash from the sale to pay off credit card balances.<\/p>\n \u201cWe still have the credit cards but I\u2019m smarter with them now. I use it, I pay the balance. I use it, I pay the balance,\u201d LeClair said.<\/p>\n Not a lot of us carry cash anymore, but that is another way to cut down on debt. It may seem like a no brainer but paying with cash prevents you from accumulating more debt and can help you spend less overall.<\/p>\n You can find more ways to manage credit card debt here: https:\/\/www.bankrate.com\/finance\/credit-cards\/ways-to-pay-off-credit-card-debt\/<\/a><\/p>\n Get news alerts in the Apple App Store<\/a> and Google Play Store<\/a> or subscribe to our email newsletter here<\/a>.<\/p>\n