PALM BEACH COUNTY, Fla. — This week, we dove deep into the pressing issue of credit card debt, listening to your concerns and seeking valuable answers.
WPTV's Matt Sczesny took the initiative, investigating ways to help you navigate this financial challenge.
Mary Lu Workman and Howard Dvorkin offer insights to becoming debt free
Expert insights on debt management
"To tackle your finances, you got to have a vision about where you want to be a year from now and how to attack it," said Palm Beach Gardens financial coach Mary Lu Workman.
Accompanying her was Howard Dvorkin from Debt.com, based in South Florida.
"We have national contracts with all major credit grantors in the country, which can lower your payments by 30 to 50 percent," he explained.
The current state of credit card debt
Did you know that credit card debt across the nation has surged to a staggering $1.2 trillion? The average household is burdened with approximately $6,600 in credit card balances.
Steps to finding relief
Here are some essential steps towards debt relief:
1. Make a List of Your Debts
2. Create a Budget
3. Choose a Repayment Strategy
Mary Lu prefers the snowball method.
"Start by targeting your smallest debt first," she said. "Allocate any extra money to that, and once it's paid off, funnel that payment amount into the next highest debt, continuing until everything is paid off."
Alternatively, consider focusing on higher interest debts first. Don’t forget that debt specialty firms can offer additional support.
"We look at your debt and figure out how to efficiently and effectively pay off your debt in a three to four year period using one of our programs," Dvorkin explained.
The path forward
Tackling credit card debt requires discipline and commitment, but the key takeaway is clear: You have the power to break free from the cycle of credit card debt.
