How To Pay Off Credit Card Debt

Pie charts and lists and minimum payments - Oh, my!


If you are looking to rid yourself of debt, no doubt you understand that your fist step has to be paying off your credit card debt. Credit card companies draw you in with low introductory rates, cash advance checks and more, and all too soon, you find yourself with more debt than you can handle.

If you’d like to free yourself from credit card debt, you should start by making a list of your credit cards and the balances due. Put the list in order, beginning with the smallest balance. You should also include the minimum payment due on each card.

Next, you should stop using your credit cards. If you can’t pay cash for something, don’t buy it. This is a somewhat harsh step, but it is necessary if you are truly serious about paying off your credit card debt. You don’t have to cut up your cards, but you should definitely put them away and stop using them.

Begin by paying the minimum amount each month on each card, and continue to pay that amount, even if the amount decreases with the balance due. You will begin to chip away at your balance, and paying it off will happen much quicker.

If you get a cash gift or score some overtime at work, use the extra money to pay down your cards, instead of hitting the mall. This will speed the process up even more.

Once you’ve paid off a lower-balance card, combine that payment with the payment on another card, until that card is paid off as well. Add that money to the next on the list, and so on. This won’t have an effect on your overall budget, since the amounts won’t change - they simply get shifted around.

You could consider liquidating some of your savings to continue to pay off the debt, and replace it once the debt is gone. Don’t drain your savings, though. You may have an emergency, and you don’t want to have to resort to using a credit card.

It might help if you track your progress visually. You can make a chart easily using a program like Microsoft Excel, or even make a simple chart by hand and hang it on your refrigerator. Update your chart each month. Seeing your progress can help motivate you to continue on, until the entire debt is paid off.

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Original Source: How To Pay Off Credit Card Debt
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