For those juggling credit card debt, experts say consolidation is key
Subtitle: Free online financial calculators are a great tool
InvestigateTV - Millions of Americans have credit card debt spread across multiple cards. If you are one of them and your goal is to get out of debt, experts we spoke with shared two ways to tackle the issue.
Kim Palmer a personal finance expert with NerdWallet, suggested you write down all of your debt, how much you owe and the interest rate you are paying on each debt.
With this list you have two options:
Pay more towards higher interest cards: This will save you money by paying less in interest over time.
Pay more towards the lowest balance card: This method could help you stay motivated as you see cards paid off quickly.
Whichever method you choose it’s helpful to use a free online financial calculator, like this one from NerdWallet, to help you stay on track. The calculator can help you map out how much you must pay each month to reach your goal.
If you need further help managing your debt, USA.gov has free resources available to you.
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