Local financial advisor shares tips for combating credit card debt

MILWAUKEE (CBS 58) -- With consumers facing significantly higher costs for goods and services, many are relying on credit cards to cover expenses, leading to an increase in debt levels.

Tom Neumann, a financial advisor with Drake & Associates, joined us on Thursday, Feb. 22 to share some advice about keep afloat despite the growing concern of credit card debt in the U.S., exacerbated by ongoing inflation.

To address high credit card debt and the strain of carrying high interest rates, Neumann recommended several strategies, including assessing the situation by organizing debts, interest rates and minimum payments. He also believes that cutting back on unnecessary expenses and negotiating lower rates on essential services can free up funds to pay down debt more quickly.

Once debt-free, maintaining a budget and establishing an emergency fund are critical steps to avoid falling back into debt, ensuring financial stability and security for the future.