How to pay off your credit card debt

BOSTON — More and more people are swiping and spending with their credit cards.

A recent Wall Street Journal report found the average household carries a balance of more than $15,000 on credit cards.

"The use of credit cards is now becoming an issue because it's that bridge that people are using because of economic conditions," Jennifer Wolfsberg, a financial advisor and managing principal of CenterPoint Advisors in Needham told FOX25.

Wolfsberg says there are simple steps you can take to cut down the debt your family racks up without much day- to-day sacrifice.

SET UP CREDIT CARD TEXT ALERTS

It starts by setting a budget and a spending limit and setting up text alerts with your credit card company to warn you when you are approaching it.

"It's just that reminder that sets you off about your balance - - ok I'm getting closer. We're all very busy, running around, we have errands - next thing you know you're hitting your limits," Wolfsberg explained.

CONSOLIDATE

Another debt saving option is to consolidate your high-interest balances into one low interest card.
You can pay it down and then make more than more than one payment on the card a month. This will help with chipping away at the interest you owe.

DELETE SAVED PAYMENT INFORMATION

Consumers can follow that with a simple trick that helps you think before you spend, deleting saved credit card information from online shopping sites.

"Delete all that," Wolfsberg suggested, "it takes you another second to think do I really need that?  I probably don't."

Cox Media Group