 |
| |
|
|
|
|
| |
| |
Paying Off Credit Card Debt
Paying off credit card debt; it's time to work on your spending plan
The first step to paying off credit card debt is to compare your income to expenses. If you find you are “upside-down” it is time to determine where you can spend less or find a way to make more. Look for obvious ways to cut costs, such as reevaluating your home and auto insurance needs for possible savings. Even small changes like dropping yearly subscriptions for magazines can add up. For example, if you eat an $8 lunch out each workday, you could save more than $2,000 a year by brown bagging it instead.
$2,000 that you can use when paying off credit card debt.
Paying off credit card debt with controlled spending
Once you have your spending under control, it is time for paying off credit card debt. Here’s an eye-opening fact: if you have a $10,000 balance on a credit card that charges 18 percent interest, and you pay $100 a month, the amount you owe would actually increase by $50 a month, and that’s if you’re not charging any more purchases. With such a daunting task before you, you might wonder where to begin paying off credit card debt. The first step in getting out of debt is to stop adding to it. If the temptation to use your credit cards is too high, leave your cards at home when you go shopping. Paying off credit card debt will require effort and will power.
|
|
|
|
| |
 |
|
| |
 |
|
|
|
|
|
