Profitt Report: Most of us don't think we'll ever be free of debt

Photo credit: MGN

Taking on some debt is a big part of many peoples’ lives: student loans, a home mortgage, etc. Even though it’s the status quo, many don’t think they’ll ever be debt-free. Almost 70 percent of U.S. adults aren’t confident they will ever pay off their debt according to a CreditCards.com report.

However, with the right mindset, you can take charge of your charge cards.

“People tend to lose hope over things that they feel they have no control over,” said Matt Schulz, senior analyst at CreditCards.com.

So the trick to tackling debt student loans or otherwise? Schulz said start taking control, one small step at a time.

“Sometimes also just a little thing like having a garage sale or selling something else of value that you can put towards that debt,” he said.

He said a budget is a must: know where you can shave off a little at a time.

If credit card debt is your mountain to climb, Schulz suggests investigating a balance transfer card.

“It sounds weird to tackle credit card debt by getting another credit card but the truth is, these cards are offering you 12 months, 15 months, even up to 21 months interest free on the balance that you transfer,” Schulz said, “the big issue with credit card debt is that interest grows so quickly and if you can knock that down with a zero percent interest balance transfer card, it can be a really useful tool.”

The Profitt Report wants to hear from you - please send consumer questions and story ideas to ProfittReport@WSMH.com

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