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With the right choices, you can pay off your debts faster

You have credit card debt much like many Americans. You know you want to pay it off, but you don't want to pay more than you have to. Do you have options? What kinds of mistakes should you avoid making?

With an average household carrying $9,600 in credit card debt in America, it's important to avoid going further into debt. If you do need to have a credit card, don't make the mistake of accepting one with a high interest rate. There is an extreme amount of competition in the credit card industry, so you may be able to get a card without annual fees and that offers you 0 percent interest for a period of time. If you have debt you need to pay off and it's on a high-interest card, try choosing an interest-free transfer card for the transfer. Then, pay off the card before the interest-free period wears off.

Another thing to do is to make sure you pay more on the card with the highest interest rate, not necessarily the card with the highest balance. If you pay off cards with the highest interest rates first, you'll save more money in the long term and be able to use that money that you're saving toward paying off your other debts.

These are just a few ways you can focus on paying down your credit cards. Avoid paying your minimum payments and take on as little debt as possible. If you do find yourself in over your head, your attorney can talk to you about other ways that you can get out of debt.

Source: The Motley Fool, "2 Mistakes to Avoid When Paying Off Credit Card Debt," Nathan Hamilton, May 13, 2017

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