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Changing These Financial Behaviors to Get Out of Credit Card Debt | News


Most people know that having too much credit card debt hurts their financial life. But few people may know how seemingly innocuous financial behavior can lead to a life of perpetual debt.

“A lot of personal finance is about behaviors and habits,” said Michael Sullivan, personal finance consultant at Take Charge America, a non-profit credit counseling and debt management agency. “A lot of people generally know what it takes to win with money, but unless you change some key behaviors, you’re more likely to end up in debt.”

Sullivan shares four behaviors to change that will help you avoid credit card debt:

  • Not controlling spending. Without a clear picture of your spending, it’s easy to overspend. The solution? Track every penny you spend for a month to identify exactly where your money is going. It can be instructive to see how much you actually spend on lattes and lunches. Once you’ve identified habits, needs, and wants, create a budget based on your income and carefully track the maximum spending limit across all budget categories. Learn more about developing a realistic budget.
  • Pay only the minimum. If you only pay the minimum payments on your credit card, you pay the maximum amount of interest because only a small portion applies to the principal balance. Instead, try to pay off your account in full each month to avoid carrying a balance. If you are already heavily in debt, stop unnecessary spending and consider a free credit counseling session to identify the best options for getting out of debt based on your personal situation.
  • Not to mention money. Talking about finances is difficult. But the discomfort of talking about money is nothing compared to the anxiety, shame, and potential health issues that silence can cause. Talk openly and honestly about your finances with your partner, children, and other loved ones who have ties to your financial life. This will help you clarify your goals and avoid debt.
  • Fall for gadgets. Whether it’s a 10% discount or travel points, we’re often faced with perks and gimmicks to open new cards and spend. While rewards cards have benefits, they become a hindrance if you’re tempted to spend when you shouldn’t. Disable credit card senders and say no at checkout.

Find more tips and resources to avoid getting into debt by Support US budget tools.

About Take Charge America, Inc.

Founded in 1987, Take Charge America, Inc. is a non-profit agency providing financial education and counseling services, including credit counseling, debt management, student loan counseling, housing advice and bankruptcy advice. He has helped over 2 million consumers nationwide manage their personal finances and debts. To learn more, visit or call (888) 822-9193.

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SOURCE: Take Charge America, Inc.

Copyright BusinessWire 2022.

PUBLISHED: 05/23/2022 12:42 PM / DISK: 05/23/2022 12:42 PM

Copyright BusinessWire 2022.