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Tips for paying off your Washington, D.C., card debt

If you are among the scores of Americans with more than $15,000 in credit card debt, you might be looking to revamp your spending strategies. Would you believe that the average American - including those in Washington, D.C. - carries more than $15,000 in credit card debt? That means that you are not alone in seeking debt relief after inadvertently overspending. Facing a five-digit credit card bill can admittedly feel overwhelming, but experts say there are some steps you can take to work toward paying off what you owe.

First, when you are looking at your monthly statements, consider paying at least double the minimum payment. If you do some simple math, you will find that minimum payments only amount to about 3 percent of the owed balance on the card; without increasing the monthly payments, you're likely to be in debt for a while. Further, you will be paying the banks thousands in interest for the privilege of using their cards! Speed up your debt relief by paying at least twice the minimum required each month.

Be sure that you are not relying on credit cards for everyday purchases. Even though you may feel as though your credit cards are necessary to your financial success, you can stop adding new debt by simply changing your spending patterns. You can cut up your card or even put it in a secure location with a family member or friend. Those moves should help you stop spending entirely.

Even though you might feel financially overwhelmed, you, too, can pay off your credit cards! Use your patience and diligence to enact a debt relief plan, and invest in your future today.

Source: www.nerdwallet.com, "I have $15,000 in credit card debt - what should I do?" No author given, Nov. 07, 2013

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