Skimm Money: Winter Travel Deals, Credit Card Debt, and Presidents Day Sales

How the news affects your finances.

Paying Off Credit Card Debt

The bad news: Americans’ credit card debt has hit a record high. According to a new report from the Federal Reserve Bank of New York’s Center for Microeconomic Data, Americans collectively owe $1.13 trillion on their cards. Considering that the average balance is over $6,000 and interest rates are still high, you’re not alone if credit card debt is your top money stressor. But the good news: No matter how much your spending has added up, there’s always a way to work your way down to zero.

Your move:

• Choose a strategy. The avalanche method and the snowball method are both tried-and-true ways to put a dent in your debt. Pro tip: If your debt is particularly high, it’s often best to focus on paying down that high interest instead of snowballing your way through balances.

• Negotiate. Reach out to your lender and have a convo about better payment terms. If you have good credit, or an emergency expense threw you off your payment plan, there’s always a chance they’ll give you some grace. Here’s a guide for how to navigate the negotiation process.

• Ask for forgiveness. Will your credit card company let you completely off the hook? Probably not. But, depending on your situation, you may be able to get at least a part of your credit card balance forgiven. And when it comes to paying off debt, every penny counts.

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