Home gambling commission For those juggling credit card debt, experts say consolidation is key

For those juggling credit card debt, experts say consolidation is key

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InvestigateTV – Millions of Americans have credit card debt spread across multiple cards. If you’re one of them and your goal is to get out of debt, the experts we spoke with shared two ways to fix the problem.

Kim Palmer, personal finance expert with NerdWalletsuggested that you write down all your debts, how much you owe and the interest rate you are paying on each debt.

With this list, you have two options:

Pay more for higher interest cards: This will save you money by paying less interest over time.

Pay more to the card with the lowest balance: This method could help keep you motivated as you see the cards being paid off quickly.

Whichever method you choose, it helps to use a free online financial calculator, like this one from NerdWallet, to help you stay on track. The calculator can help you figure out how much you need to pay each month to reach your goal.

If you need additional help managing your debt, USA.gov has free resources available for you.