Credit card debt at all-time high; How to relieve some expenses

WHIO Staff
·1 min read
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Credit card debt in the United States is currently at an all-time high, according to the U.S. Accountability Office.

>>RELATED: Don’t be afraid to negotiate big purchases, experts say

A financial advisor spoke to News Center 7 and said that does not have to be the case.

When it comes to paying off your credit card, you can negotiate with the credit card company for a lower interest rate or lower annual fee.

“You can do that with your cable company, your phone provider, your insurance company, there are a lot of bills that can be negotiated. It’s often no harm no foul right? It doesn’t hurt to ask,” Bankrate Senior Industry Analyst Ted Rosmann said.

Local businesses may be more willing to work with you and come down on a price than a national chain, he said.

To keep your debt down, try the avalanche method. Pay off the with the lowest interest rate and invest your extra cash into debt with the highest.

You can also consider a zero-balance transfer credit card. This will allow you to transfer your high-cost debt over to a new card and pause the interest clock for up to 21 months.