Credit card debt has reached an all-time high, prompting consumer adviser Clark Howard to urge individuals to take action.
Howard emphasizes the importance of not ignoring credit card debt and advises creating a plan to pay it off.
“The worst thing you can do is ignore it,” Howard says, encouraging people to face their financial situation head-on.
Howard suggests writing down the amount owed to each credit card company along with the interest rates.
He recommends paying the minimum on all cards except the one with the highest interest rate, to which individuals should allocate as much money as possible until it’s paid off.
Once the highest interest card is paid off, the focus should shift to the next highest interest card.
Howard advises setting a specific number of years to become debt-free and sticking to that goal.
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