Consumers can be freed from credit card debt

Many people struggle with credit card debt and have to use them to help purchase things they need. There are steps that can be taken to lessen debt for those who have to use their cards because they don’t have enough money in the bank.

Critically reviewing all purchases for a month is a good place to start, according to U.S. News and World Report. Seeing where money goes each month can help people determine whether all purchases are really essential.

Moving all credit card balances to one card can also be helpful in terms of becoming more organized. U.S. News and World Report recommends transferring all balances to the card with the lowest interest rate and then aggressively paying off the card.

Consumers should carefully read through their cards’ terms and conditions to find out what, if any, transfer fees may apply.

It’s also important for consumers to track their progress. U.S. News and World Report recommends using software like Quicken or a spreadsheet to see how their debt-tackling is going.

Consumer debt effects a large number of Americans. Almost half of all American households had credit card debt in 2004, according to the Hoover Institution.