Credit card debt is a challenge for many Americans. As persistent inflation continues to impact the economy, the Fed's benchmark rate is paused at a 23-year high. In turn, credit card rates are elevated, and interest charges are making it difficult for many to cover just their minimum credit card payments.The good news is that you have options to get out of debt.
Curb spending on luxuriesSimple luxuries like going out to lunch with colleagues each day may seem innocent enough but they can become costly over time. If you curb spending in these areas, it may help you get out of debt faster. 'Set up a budget so you can see where your money goes,' says Colin Farmer, owner of Lone Star Financial Group. 'Be as realistic as possible. If you like Starbucks, make sure you have the amount you spend in your budget.