Paying off your Credit Card Debt NOW!

Credit Card Debt has become a major problem in most countries. The high interest makes it very difficult for anyone to pay off their debts, more so if they only make the minimum payment. Actually that makes the debt run for years and you end up losing a tone of money just on finance charges.

Don’t panic! It can be done, you can get out of this alive!

First thing that you need to do is find your last monthly statement and list all your credit cards. Include the balance, interest rate and minimum payment.

Put your cards in order on interest. The highest should be on the top.

Calculate the total of your minimum payment. Remember this is the absolute lowest you should pay each month, but the best solution would be to pay more than that.

Now pay the minimum on each card except for the one at the top, since this is the one absorbing most of your money on interest. Do whatever to get it paid as quickly as possible.

When you manage to pay this one off repeat the process with the following cards until all your credit card debts are paid off.

This is a precess that will take time and patience, it won’t make your debt vanish into thin air. To help things speed up you could call your credit card company and ask for a lower rate. You have nothing to lose. The worse they can say is no. Or you could try transferring some of you balance to a low interest card, although it’s hard to find a good deal these days with all the hidden fees.

The great thing about this strategy is that is that as your card balance decreases so does your minimum payment. So with each month it gets easier and easier to pay it off.

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