RICHMOND, Va. (WWBT) - Twenty-eight million Americans have added credit card debt as a direct result of the pandemic, according to a recent creditcards.com report, and it’s hitting millennials the hardest.
So what can you do? First, call your credit card company and ask for a break. You can potentially skip a payment or two, sometimes without interest, or get a lower rate and other fees waived just by asking. There’s no risk there. The worst they can do is say no, but now is the time to call and ask.
You can also consider a balance transfer to either consolidate all your debt to one payment or to perhaps get zero interest for a year or more. You likely will have to pay a transfer fee, but weigh that against how much you will save in monthly interest.
Another tactic is to pay the minimum on everything debt but one. Pick one to tackle and really go after. Once you get rid of that debt, take every extra dollar you have at the next debt.
You could also consider a personal loan, but again, compare the interest there. There’s also always credit counseling.
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