The Do-It-Yourself Bailout: How I Eliminated $222,000 of Credit Card Debt in Eighteen Months and Saved Nearly $150,000 (ISBN 978-1-56980-473-5) is a personal finance book written by Kenny Golde and first published in December 2012 by Barricade Books
Bring it all out into the light so that you can be free. In Q1 of 2022, the average American had $5,769 in credit card debt. And according to the American Bankers Association, 54% carried a balance forward. Heres a simple, low-tech plan of action I use with my clients to eliminate credit card debt.
Furthermore, visual representations like the one above help us fully grasp the concept of Eliminated Credit Card Debt.
Among credit card debtors, 41% say their debt comes primarily from emergency/unexpected expense(s), including medical bills (12%), car repairs (8%), home repairs (8%) and other emergency or unexpected expenses (13%).
When our credit-card debt hit $32,000, we knew something had to change.Courtesy of Desiree Gutierrez. In 2018, my husband and I had nearly 5 times as much credit-card debt as the average US household. So, in early 2019, we made a resolution to follow one simple rule.
This particular example perfectly highlights why Eliminated Credit Card Debt is so captivating.
Eliminating credit card debt.The interest rate on a typical credit card balance is so high that its very difficult to pay down this debt, especially if only making the minimum payment. In fact, just making minimum payments can make even a small balance take years to pay off.
