3 Tips for Cutting the Cares of Credit Card Debt

Posted on October 27th, 2014 | by      

 

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How to Get a Handle on Your Credit Card Debt

If you are like many people in the United States, chances are you have a credit card.   With a credit card comes credit card debt and a host of problems that seem to come out of nowhere.  Now that item that you purchased for yourself or someone else is coming back to bite you and you don’t know how you are going to pay your bill.

The good news is that there are things that you can do to help reduce your credit card debt. One of the most useful articles I have found is on the Credit.com website.  Below is one of the tips the article suggests for helping with credit card debt.

Pay Down the Card With the Highest Interest Rate

Are you sick of the money that is being sucked away by the finance charges on your credit cards? And are you looking for a no-nonsense and effective way to slash your debt? Then zero in on the credit card with the highest interest rate first and focus your payments there.

Pay double or triple your minimum payments on the card with highest interest rate and most costly monthly finances charges, while continuing to make the minimum payments on your other credit cards. This strategy is the most efficient way to attack your debt, but it takes discipline to stick with it, especially if the card with the highest interest rate has a pretty hefty balance. Once you pay off the card with the highest interest rate, move on to the card with the next highest interest rate and so on.

Credit cards can be useful when you are traveling or when you are trying to build your credit score.  But they can also be a problem if you don’t use them the right way. Take a look at this article and use the advice in it to get your credit card debt under control. You’ll find that you are sleeping better at night and that you have much less stress in your life.  Get control of your credit card debt before it gets control of you.

 

 

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