Do you have credit card debt? How about other debt? Wouldn't you just love to pay off those bills, stop paying interest, and have extra cash in YOUR wallet?
Debt can be soul sucker, right? All you see are payments going out for things enjoyed LONG AGO! Ever bought a sofa on a buy now and pay in 60 months plan? When the payment comes due…you are now paying for something that is old and you don't even like anymore. Am I right?
If debt is sucking the life out of you… let's get started. I have 4 tips (strategies) that will help you decide how to pay of that debt quickly.
Tips to help you pay off credit card debt.
1). Pay more than the minimum.
Look at your credit card statement. If you pay the minimum balance on your credit card, it takes you much longer to pay off your bill PLUS you will be accruing interest at a high rate. Which then takes even longer to pay off your credit card.
QUICK TIP – Pay extra each month. Every extra $ you pay goes towards the principal (balance without interest) so that you can pay it off quicker and save interest too!
2). Focus on one debt at a time.
There are 2 schools of thought here –
1st – Find out which credit card is charging you the highest interest rate (will be on your statement). Concentrate on paying that one off first.
This option is great for you if you are content in paying off the highest interest rate in order to save money. If you are the type of person who needs quick wins…then the 2nd option might be better for you.
2nd – Make a list of all your credit card debt and their balances. Put them in order of lowest balance to highest. Concentrate on paying off the card with the lowest balance.
Once that is paid off, take that money you were paying and apply it towards the next card with the lowest balance. Once paid off, take that money and put it towards the next…and so one. Until ALL of your credit cards are paid off. Whoo hoo. Have a celebration and then focus on putting a budget together so you can stay out of debt.
This option is great for you if you need to see quick wins (my personal fave here!)
3). Consolidate your debt.
If you have way too much debt and can't even meet the minimum payments it might be time to consolidate your debt. You may have to pay a few $'s more but you will then only have one payment.
QUICK TIP: Continue to pay more than the minimum so you can pay off the debt fast.
4). Determine your budget priorities.
Look at your budget and see what expenses you can eliminate so that you can put that extra money towards your debt.
QUICK TIP: Control ALL your spending so that you don't rack up those credit cards once again.
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My 2022 Holiday Planner is just what you need to keep organized and on top of things during this busy season. And, it's FREE.
INCLUDED - My Party Planner! Put your party hat on and plan with confidence! Grab yours before they are gone!
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