10 Pieces of Advice for People with $100K in Credit Card Debt

Someone shared in a popular online financial planning community recently confessed that they have $100K in credit card debt and are looking for some advice.

Many people’s virtual jaws dropped, and they couldn’t believe anyone could have that much credit card debt. However, others were sympathetic and provided these helpful tips.

Make a Really Tight Budget

Many recommended the You Need a Budget App (YNAB). This software uses the envelope method to force you to follow a budget.

Use the Debt Snowball Method for Psychological Reasons

The debt snowball method, or the “Dave Ramsey Method,” pays the smallest loan first because you finish paying it off fast, giving you that fantastic feeling of striking something off.

Use the Debt Avalanche Method for Lesser Interest Fees

Instead of paying off the loan with the most diminutive principal, you pay off the most significant interest loan.

Start a Side Gig or Part-Time Job

One noted, “It will be difficult for a year or two, but in the long run, it will pay off, and you’ll be released from that $100k oppression.”

Cut Up Your Credit Cards Immediately

You can even call the bank to make a settlement and disable your cards. Sometimes the most drastic steps work the best.

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