Top Things to Know to Control Your Debt | Long Beach, CA

1. Americans vs. Debts: The average American household that owns at least one credit card has approximately $10,700 in credit card debt.
2. There are good debt and bad debt: student and home loans are usually considered good debts. However, it is not a good idea to use you credit card on temporary stuff like food and vacations if you are not sure you can pay back in full.
3. Know your spending pattern: Write down what you spend on in a month and cut back unnecessary things. Use those left over money to pay-off your existing debts faster.
4. Pay-off high interest debts first: One way to get out of debt effectively is to pay-off the loans with the highest interest rate first and pay at least at minimum on all other debts.
5. Don’t just pay minimum: Most of your minimum payment will go to interest, almost nothing to principal. So, it will take years to pay-off your debt, and you will end up paying thousands of dollars more than you originally owed.

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