LAS VEGAS (KTNV) — With the high costs of food and goods, a lot of people are racking up credit card debt just to put food on the table and survive in this economy.
I spoke with money expert Andrew Leavitt about how to approach your bills in this time of inflation and what you should prioritize to get out of credit card debt.
WATCH: Channel 13's Tricia Kean talks to a financial expert on how to conquer credit card debt
"The best way to deal with it is you want to do the "snowball effect". The snowball effect is going after the highest interest rate that's available on your credit card, so if you have one card that charges you the most, go after that one first... Once that one's out of the way, go to the next one and just keep snowballing and snowballing," said Leavitt.
Tricia Kean: Do you have any overall advice right now in this economy for people just trying to make ends meet?
Leavitt: The biggest thing that someone should look at is going to a credit union and seeing if they can do a signature loan to consolidate credit cards. By doing that you get onto a fixed-rate loan that's usually half of what a credit card interest rate is and then that way you can pay down that credit card. And also once it goes over to the credit union loan your score shoots up significantly so it helps you're actually able to borrow more.
Leavitt also says since it's tax season to make sure you work with someone who can guide you with taking advantage of tax breaks to get a bigger tax return.
