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Pay off credit card debt with these tips

ByJason Knowles and Ann Pistone WLS logo

Sunday, May 1, 2022

Consumer investigator Jason Knowles has the expert tips to help pay down credit card debt in 2022.

CHICAGO (WLS) -- After record pandemic spending lows in 2020, U.S. consumers have started to return to bad habits when it comes to credit card debt.

Consumers added a total of $87.3 billion in new credit card debt during 2021, according to a recent survey by financial experts at WalletHub.

Here are the expert tips to tackle accumulating credit card debt in 2022:

Transfer your existing debt to a 0% balance transfer credit card to save on finance charges and get out of debt sooner.

Repay your most "expensive" or high-interest debt first. Start with paying the most towards your debt with the highest interest rate and just paying the minimum on the rest. Once your most expensive debt is paid off, repeat the process until you're debt-free.

Create an "emergency cash fund." Start by saving as little as $20 a week to build a savings so you can avoid racking up credit card debt.

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