Don’t Drown in Credit Card Debt

Solutions For Paying Down Debt

If you have credit card debt, you are not alone. Americans, collectively, owe almost $1 trillion in credit card debt. According to a Federal Reserve Bank of New York report, total credit card debt remained at $986 billion at the beginning of 2023, an amount unchanged from the record reached at the end of 2022.

That lack of change in the first half of 2023 is troubling because, normally, credit card balances tend to fall at the beginning of the year as borrowers start to pay down their debt after the holiday shopping season. According to Federal Reserve researchers, inflation and a higher cost of living may be the reason.

There are several ways, however, to combat credit card debt if you are feeling the pinch of high-interest rates:

Re-Evaluate Spending

You’ve probably heard it before…create a monthly budget. This will allow you to look at how much money is coming in and how you are spending it. Creating a plan – and sticking to that plan – is essential to not living above your means. Build your credit card payments (more than the minimum payments, if possible) into your monthly budget so they do not become an afterthought.

Make a Payoff Plan

There are two basic ways to address repaying loans: pay off loans based on the amount owed or by the interest rate being paid. By paying debts from highest to lowest by interest rate, you pay off the debt that racks up the most interest first. However, by prioritizing your smallest debts first regardless of interest rate, you’ll gain momentum as the debts get paid off. Either way, you’re making consistent, minimum payments every month on all your debts while placing any extra cash toward accelerating repayment on one debt of your choice.

Consolidate Loans

If you have several high-interest credit cards or loans, consolidating the balances into one payment may be a great way for you to save money on interest each month. There are several loans available at Ironworkers USA Credit Union if you are considering a consolidation loan:

  • Signature Loan – No collateral is needed. You can borrow up to $7,500 using just your signature and your credit history. Rates as low as 9.99% APR*
  • Line of Credit – It’s like a credit card, but with no card. Use as much or as little as you need and accrue interest on only the amount you’ve borrowed. Rates as low as 9.99%

We understand that no one is perfect and that your past financial decisions may not have been the best. That’s why even if your credit score isn’t excellent, we’ll work with you to find the best solution for your situation.

Easy Loan Applications

The application process is fast and easy too. By using our online application, you can reduce the hassle, paperwork and stress of applying for a loan.

Just fill out your information and submit. A loan officer will review your information and contact you within one business day.


It is our goal to help you make the best financial decisions. So if you are struggling with credit card debt, give us a call at 1-877-769-4766 or stop into one of our branch locations and talk to us. A member representative will be happy to talk with you and come up with a plan just for you!

*The interest rate is determined by your loan term and credit history and may be higher than the listed Starting APR.


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