Phantasm
Banned
1. Prioritize high-interest debts: Pay the credit card with the highest interest rate off first so as to minimize the interest you pay over time.
2. Make more than the minimum payment: If you pay only the little amount of money that is expected from your credit card every month, it might take longer for you to complete paying and subsequently incur more interests. Try to always pay as much as possible each month according to what you have left in your pocket.
3. Create a budget: Keep tabs on all your expenses and come up with a budget which will assist you to know which areas need cutbacks in expenditure. With this extra cash, you can make payments towards reducing your credit card debt.
4. Snowball method: Similar to prioritizing high-interest debts, snowball method involves first dealing with the smallest loan quickly by paying it off immediately. After that debt is eliminated, you then use the additional payment for next smallest debt and so on and so forth. This approach provides encouragement and achievement as one wipes out each individual loan.
5. Use windfalls wisely: In case of tax refund, bonus or inheritance consider putting such money toward credit card repayment instead. It will help lower overall amount owed while saving on interest charges too.
2. Make more than the minimum payment: If you pay only the little amount of money that is expected from your credit card every month, it might take longer for you to complete paying and subsequently incur more interests. Try to always pay as much as possible each month according to what you have left in your pocket.
3. Create a budget: Keep tabs on all your expenses and come up with a budget which will assist you to know which areas need cutbacks in expenditure. With this extra cash, you can make payments towards reducing your credit card debt.
4. Snowball method: Similar to prioritizing high-interest debts, snowball method involves first dealing with the smallest loan quickly by paying it off immediately. After that debt is eliminated, you then use the additional payment for next smallest debt and so on and so forth. This approach provides encouragement and achievement as one wipes out each individual loan.
5. Use windfalls wisely: In case of tax refund, bonus or inheritance consider putting such money toward credit card repayment instead. It will help lower overall amount owed while saving on interest charges too.
