Tips To Help You Conquer Credit Card Debt

Budgeting

  • Look at your take-home income after all your withholding deductions 
  • Go through your monthly credit card statements and highlight the necessities 
  • Separate your needs from your wants and determine how much disposable income you really have
  • Before you make a purchase ask yourself if you really need it, how often you’ll make use of it and if there’s a more affordable alternative 

Pay off high interest first 

  • If you have multiple credit cards or loans compile a list and rank them by interest rate
  • Pay off the highest interest debt first, even if that means refinancing your home or leveraging your other assets in order to do so 
  • Get rid of credit cards with high interest rates and try to shift your debt to the lowest rate

Make at least your minimum payments 

  • You can avoid extra fees and piling up debt on high interest accounts by making at least the minimal payment on your cards each month

Talk to your creditors about your interest rates

  • Creditors would rather get something from you as opposed to absolutely nothing
  • If you’re a credit risk your lender may be amenable to offering you a lower rate option if it means you will continue making payments 

Automate your payments if you haven’t already 

  • Forgetting to make a payment is one of the most frustrating ways to exacerbate debt
  • Most banks and credit card companies offer ways to automate monthly credit card payments 

Organize and schedule 

  • Make calendar reminders for when payments are due 
  • Keep an eye on your checking and savings accounts to make sure you have enough money to make minimum payments when they’re due 

Put your savings to use 

  • Saving is great and you should definitely do it, but if you have liquid cash in a savings or checking account you’d be better served paying off credit card debt to stop the accrual of interest rather than leaving it in a savings or checking account earning very minimal interest or none at all

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