You look at your credit card bills and wonder how you got into so much debt.
You always pay your bills on time, and yet the amount seems to be getting higher every month.
So, you decide that it is time for you to clear off your debt once and for all.
Although at first it seems impossible, fear not.
Just follow these few steps and you can eliminate those numbers yourself! 1.
Always pay more than the minimum It is not enough by paying just the minimum amount of your bill.
If you only pay the minimum payment, it would take longer for you to repay the debt.
This in turn would incur higher interest and add to the debt that you already have! Plan to put in any extra money that you have towards repaying your bills, even if the amount is small.
By putting in extra payment each month, you are actually paying off the interest as well as part of the principal, and not just the interest.
2.
Take advantage of 0% interest rate introductory offer From time to time, some credit card companies offer 0% interest rate to attract new customers.
Transfer your existing debt to this new credit card to enjoy the 0% interest rate.
However, do check the terms and conditions for such offers, and also take note on the interest rate that would be imposed once the offer is over.
If the interest rate is higher than your current rate after the offer period, target to clear the amount within the offer period.
3.
Use snowball method Another method that you can use is snowballing.
By using this method, you would be paying the minimum amount on each of your credit card, except the one with the lowest amount in which you would be paying a little more than the minimum.
Concentrate on paying this debt by putting in any extra cash that you have, until you have eliminated this debt completely.
Next, attack the next lowest amount of debt.
Note that you would have extra cash to be put in for this debt since you have already eliminated the first debt.
Continue this cycle until you have pay off all your debts.
These are only some of the steps that you can take to pay off your credit card debt.
Just remember, that you do not want to incur more debts once you have finished paying off all your debts.
You can do this by tracking your income and expenses every month so that you know where your money goes.
You always pay your bills on time, and yet the amount seems to be getting higher every month.
So, you decide that it is time for you to clear off your debt once and for all.
Although at first it seems impossible, fear not.
Just follow these few steps and you can eliminate those numbers yourself! 1.
Always pay more than the minimum It is not enough by paying just the minimum amount of your bill.
If you only pay the minimum payment, it would take longer for you to repay the debt.
This in turn would incur higher interest and add to the debt that you already have! Plan to put in any extra money that you have towards repaying your bills, even if the amount is small.
By putting in extra payment each month, you are actually paying off the interest as well as part of the principal, and not just the interest.
2.
Take advantage of 0% interest rate introductory offer From time to time, some credit card companies offer 0% interest rate to attract new customers.
Transfer your existing debt to this new credit card to enjoy the 0% interest rate.
However, do check the terms and conditions for such offers, and also take note on the interest rate that would be imposed once the offer is over.
If the interest rate is higher than your current rate after the offer period, target to clear the amount within the offer period.
3.
Use snowball method Another method that you can use is snowballing.
By using this method, you would be paying the minimum amount on each of your credit card, except the one with the lowest amount in which you would be paying a little more than the minimum.
Concentrate on paying this debt by putting in any extra cash that you have, until you have eliminated this debt completely.
Next, attack the next lowest amount of debt.
Note that you would have extra cash to be put in for this debt since you have already eliminated the first debt.
Continue this cycle until you have pay off all your debts.
These are only some of the steps that you can take to pay off your credit card debt.
Just remember, that you do not want to incur more debts once you have finished paying off all your debts.
You can do this by tracking your income and expenses every month so that you know where your money goes.