Resolve to Get Out of Debt
Credit card bills are starting to roll in with the holiday expenses. This, compounded by previous expenses that haven’t yet been paid off, is sure to make those bills astronomical. This happens to us every year and every year we promise ourselves it won’t happen again. Many of us are in over our heads with debt. Read on for a few tips and tricks to get out of debt.
- Find out how much you owe. Gather all your credit card statements and make a list that includes the interest rates, total amount you owe and minimum monthly payments. List the cards by the interest rates they charge with the highest rate first and so on.
- Keep the two cards with the lowest rates. Cut up the other ones. Write to the card issuers and close the accounts.
- Resolve that you will use your card only for essentials over the next six months. For other purchases use cash or a debit card.
- Consolidate your debt. Many credit card issuers offer introductory rates as low as 3.9% for six months. If you’re really serious about getting out of debt in a hurry, transfer your largest, high-rate balances to a card with an extremely low rate and pay them off aggressively.
For more tips please read 10 Steps to Debt Freedom.
posted by Cara at
11:14 AM
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