Ask a friend what resolutions they made for the new year and your bound to hear them reply Pay off my credit cards. Ask them how they planned on reaching that goal and many of them will not have a clear cut answer.
The obvious first step to paying off credit card debt or paying down credit debt load is to cut back or eliminate the use of your credit cards. For some people this first step can often be the most difficult. If youre used to spending freely with plastic and worrying about the consequences later, its difficult to break free from this buy now, pay later attitude.
To gain control of their careless credit card spending habits, some people cut up their credit cards therefore making it impossible to use them. Others lock up their credit cards or hide them in a safe place and vow to use them only in an emergency.
The second step to paying down credit debt is to pay more than the minimum balance due. Most credit card companies require a minimum monthly payment of 2.5% of the outstanding balance. For example, if you have an outstanding balance of $1100.00 on a credit card charging an Annual Percentage Rate (APR) of 18.9% your minimum monthly...
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