Managing credit card debt

>> A RECENT REPORT FOUND THE AVERAGE CREDIT CARD DEBT IN JACKSONVILLE WILL TAKE A WHOPPING 71 DAYS TO PAY OFF #- AVERAGE CREDIT CARD BALANCE IS MORE THAN $6,000

SO HOW CAN YOU GET OUT OF THAT DEBT? AND WHAT CAN DO YOU TO HELP YOU GET ORGANIZED? JOINING US NOW WITH THAT INFORMATION IS CAROL DEMARCO FROM BE CREDIT WISE GOOD MORNING >> GOOD MORNING >> A LOT OF PEOPLE ARE FACING ADDITIONAL DEBT IN THIS AREA RIGHT NOW BECAUSE ALMOST EVERYONE SEEMED TO HAVE SOME KIND OF DAMAGE OR DISPLACEMENT BECAUSE OF THE HURRICANE >> RIGHT

>> SO DEBT IS REALLY PILING UP BUT I'M SURE THAT THIS DEBT DOES NOT SURPRISE YOU IT DOESN'T STUDIES ARE SHOWING THAT JACKSONVILLE IS RANKED 24TH WORST IN THE COUNTRY WHEN IT COMES TO CREDIT CARD BALANCE DEBT VERSUS OUR INCOMES AND TALLAHASSEE IS THE SEVENTH BOOST

IT'S BASED ON OUR DEBT VERSUS OUR AVERAGE WELCOME AND WOMEN'S PERCENTAGES ARE EVEN WORSE WE LIKE OUR CREDIT CARDS AND HAVE TO USE THEM AS A MATTER OF FACT, PEOPLE BETWEEN THE AGES OF 42 AND 62, THEY STATE THAT USING CREDIT CARDS AS A WAY OF LIFE IS A SURVIVAL TOOL SO WE'RE GOING TO USE OUR CREDIT

WE HAVE TO LEARN HOW TO MANAGE IT BETTER >> AND DON'T YOU THINK PART OF WHAT PLAYS INTO THAT IS THAT WE'RE SUCH A CREDIT DRIVEN SOCIETY NOW? BECAUSE I MEAN HARDLY ANYONE CARRIES CASH ANYMORE IF YOU'RE USING A CREDIT CARD YOU'RE NOT PAYING ATTENTION TO HOW MUCH YOU'RE PILING UP RIGHT ESPECIALLY WHEN YOU START PAYING IT OFF AND YOU SEE THAT MINIMUM PAYMENT ON YOUR CREDIT CARD STATEMENT

YOU DON'T — A LOT OF PEOPLE DON'T UNDERSTAND THAT YOU'RE PAYING VERY LITTLE TOWARDSED THE PRINCIPLE FOR INSTANCE IF YOU HAVE A $3,000 CREDIT CARD BALANCE AND LET'S SAY IT'S AT 17 PERCENT WHICH IS KIND OF NORMAL, IT WILL TAKE YOU 126 MONTHS, THAT'S OVER 10 YEARS TO PAY THAT CREDIT CARD OFF PAYING MINIMUM PAYMENTS AND THAT'S IF YOU NEVER USE IT AGAIN PEOPLE DON'T REALIZE THAT THAT THAT MINIMUM PAYMENT IS LIKE TREADING WATER AT BEST >> AND PROBABLY MOST OF THE PEOPLE WHO ARE JUST MAKING THE MINIMUM ARE PROBABLY ADDING TO THE DEBT AS THEY GO ALONG BECAUSE THEY'RE NOT ACTUALLY CHIPPING AWAY AT IT >> RIGHT

SO THERE'S THREE THINGS I LIKE TO TALK ABOUT THAT I THINK WILL HELP YOU CHIP AWAY AT THAT BALANCE AND THAT ARE DOABLE MY FAVORITE THING IS CALLED A BALANCE TRANSFER YOU CAN GO ONLINE AND GOOGLE BALANCE TRANSFER CREDIT CARDS YOU DON'T HAVE TO HAVE PERFECT CREDIT TO GET THESE USUALLY THESE HAVE A VERY LOW, MAYBE EVEN ZERO INTEREST RATE FOR A PERIOD OF TIME

AND THEN YOU CAN GET THAT WHAT YOU'RE DOING IS TRANSFERRING A BALANCE FROM A VISA TO A MASTERCARD LET'S SAY AND THE MASSERCARD WANTS YOU ARE BUSINESS SO THEY LOVE THAT SO YOU COULD MOVE A BALANCE OVER TO A MP LOWER INTEREST RATE THEN YOU IF YOU CAN MANAGE IT, MAY EXTRA ON THAT CARD

AND THAT WAY YOU'LL SEE THE BALANCES GOING DOWN FASTER AND YOU'RE USING ELSE'S MONEY TO HELP YOU GET OUT OF DEBT BUT HAVE YOU TO SET YOUR GOAL THAT YOU CAN MANAGE ANOTHER THING IS YOU CAN GO ON WEBSITES LIKE MARKET WATCH AND YOU CAN PLUG IN NUMBERS THERE THAT CAN — WITH YOUR BALANCE, YOUR INTEREST RATE AND HOW MUCH YOU THINK YOU CAN PAY ASK IT WILL TELL YOU HOW LONG YOU CAN PAY IT OFF SO YOU CAN, LIKE, STEP THAT UP THE OTHER THING IS CRUST GO OLD SCHOOL

GET A YELLOW PAD AND WRITE YOUR DEBTS DOWN AND SET YOURSELF SOME GOALS PICK ONE OF THE BILLS YOU WANT TO PAY OFF AND THEN DON'T SET YOURSELF UP TO FAIL SET SOMETHING THAT YOU CAN ACTUALLY DO AND THEN SET YOURSELF GOALS

PUT IT ON THE FRIDGE DO IT LIKE THAT BUT DON'T SET YOURSELF WITH A GOAL THAT IS ONE YOU CANNOT DO >> AND HAVE YOU TO LOOK AT THE BIG PICTURE >> THAT'S RIGHT

WE WANT TO MENTION YOUR BOOK CREDIT WISE FOR MORE TIPS AND PLANNING IDEAS >> THAT'S RIGHT >> SET A GOAL