Many of us whip out those credit cards to pay for the things we need and want, but that's putting the country into a lot of debt. This week, the Federal Reserve Bank of New York released new data showing total credit card balances in the US topped $1 trillion during May through July of this year. And one word, 11 Alive financial expert Andrew Poulos calls that scary. He says one rule of thumb he sticks to when it comes to credit cards is if you can't afford it, don't buy it. Especially if it's not a necessity. If you can't pay the bill when it comes, chances are you're probably not going to be able to pay the bill in the future months when it continues to come. And these interest rates, you know, are basically spiraling out of control and getting higher and higher. One person who knows the pitfalls of credit card debt is Renee Whaley. She lives in Clayton County and racked up $75,000 in debt, at least more than 10,000 of that on credit cards. It took three years, but she was able to pay off all of her debt now.
As a financial coach, she's using her life lessons to make sure others don't make the same mistakes. It wasn't like my husband or my sister or brother or anybody it nobody said, girl, you know, you use that credit card too much. It was never any of that. It was just, you know, it's like an epiphany. The financial website Nerd Wallet offers tips on getting out of credit card debt. First, settle on a payment strategy that is realistic for you. You also want to consider debt consolidation through a 0% balance transfer credit card or a fixed rate debt consolidation loan. You can also reach out to your creditors to explain your situation. And if you still need help, it may be time to look at more serious steps like bankruptcy or debt management plans.
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