What are some effective methods to pay off your credit cards?

what are some effective methods to pay off your credit cards?

What are some effective methods to pay off your credit cards?

writing checks and sending them to the card company.

What are some effective methods to pay off your credit cards?

One popular approach is to start by calling your credit card companies to request a lower interest rate. Your chances are higher if you have a clean record.

Then, you can either

1. Each month, pay as much extra as you can on the card with the highest interest rate; or

2. Use the extra towards the card with the lowest balance.

Option 1 is the best purely financial move. Option 2 gives you the psychological satisfaction of seeing that over time, the number of accounts paid off is growing faster.

Some people feel that it%26#039;s good to apply for new cards with introductory 0% offers, then transfer the balances to the new cards. That can work, but too many people just end up running up the balances again, so I don%26#039;t recommend it unless you can be absolutely sure you won%26#039;t do that.

What are some effective methods to pay off your credit cards?

Start with a scissors, cut the cards into 4 or more pieces, and put them in the nearest trash. Get all the cards current. Pay all extra you can on the smallest one till it is paid off. Then take its old payment and add it to the next smallest one. Repeat till all cards are gone. When you get discouraged, think how good it is to have caught this before it drove you to bankruptcy.

What are some effective methods to pay off your credit cards?

Start by cutting up the cards and not using them again until you have proven that you can live within your means.

Next, talk to the c.c. companies to see if they will work with you to pay off the bills--maybe reduced monthly fees or interest.

Get a second job dedicated to just those bills. You will pay them off faster, and you will see just what a trap credit cards can become.

Begin now living on a cash-only spending. This, of course, includes checking and debit cards. If the ATM is a temptation to you, get rid of that card , too.

Paying only part of a monthly c.c. bill is one of the worst things you can do for yourself financially. The monthly interest is a killer.

Don%26#039;t borrow to pay off the cards. If you don%26#039;t change your spending habits, you have not only c.c. debt, but the added burden of a loan.

What are some effective methods to pay off your credit cards?

only buying what you can afford to pay for