Top 7 tips to pay off credit card debt
|
Article Submitted by: Jason Holmes
Sunday, 14 February 2010
|
If you have been high in debt,
paying the minimum amount each month is not the best idea. Here are a few tips
on how to get your credit card pay off
debt cleared.
- Try and have an emergency fund. This is something
that you need to do early. You could use this money to pay off the amount
with the highest rate of interest.
- Make an inventory of the debts that you have. This
will help you decide which ones to pay first and which you can keep for
the last. Your inventory must include all your credit card accounts, the
account numbers, current balance, interest rates on them, minimum payments
on each bill, credit limit and contact number.
- Start by paying off the highest rates first and then
gradually move on to the lower ones. When the highest rate is pad off, you
should then move on to the next highest one and gradually move down to the
lowest rate.
- For those who think this to be a discouraging idea
could pay off the bills with lower rates first and get some burden off the
shoulders. Once you are done with the lower rates, move straight to the
one with the highest rate of interest. The idea is to get the debt out of
your life and as soon as possible too.
- Make a payment plan and once you do it stick to your
plan until you pay off a certain bill. Move the plan to another credit
card bill and keep going till you clear off all of your dues. It might be
tough but muster all your courage to get it done because there will be
much relief after this.
- Have good knowledge about your finances. Don't just
make a mental promise for the sake of doing it. First see if the plan that
you have can be supported by the finances that you have. Track down your
spending s and then decide how much you can afford.
- Pay more than the minimum you think you can afford. This
way you can shorten the time for which you would otherwise have had to pay
the debt. You may use a credit card pay off calculator to find out how
much time you will take to clear off a certain debt based on the monthly
payments that you make.
Article Source: http://www.ArticleBlast.com |
About The Author:
He is a regular writer with Debt
Consolidation Care and is also a contributory writer with other financial
sites. His expertise is woven around various aspects of the debt industry and
with his e-books he tries to impart to people the different situations and
simple solutions to get out of difficult situations. Some of his works include
e-books like ‘Credit Score The Quintessential Therapy for a Happy Pocket', Take
Creditors and Collection Agencies to Small Claims Court' and, My Story- From
Depression To a Smile'.
You are welcome to publish this article free of charge on your website, newsletter, or e-zine, provided:
- You don't change the article in any way
- You include the entire article, including the "about the author" box
- All hyperlinks must remain intact, including email addresses, and the link to ArticleBlast.com at the bottom
- In doing so you agree to indemnify the article's author, and ArticleBlast.com and its directors, officers, employees and agents from and against all losses, claims, damages and liabilities which arise out of its use
- It is also recommended that you provide a courtesy copy of your publication to the author of the article
