Credit card debt is a familiar burden to Americans. Nearly two-thirds of Americans are carrying credit card debt or have had it in the past, according to a new NerdWallet survey. And that debt isn’t cheap. Households that regularly carry credit card debt pay an average of about $1,300 a year in interest on that debt.
If you want to get out of debt fast – and who wouldn’t? – you need to free up more money in your budget to put toward your balances. Basic personal finance advice calls for canceling (or shrinking) your cable package and brown-bagging your lunches to save money. Those kinds of small changes are definitely a good start. However, the most effective way to make room in your budget is to focus on major elements of that budget: income, housing, transportation, education and medical costs.
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