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Now gather your most recent credit card statements and write down
balance of each debt and interest rate charged. When making payments to these, begin with lowest interest rate debt(s) and pay only minimum amount due.
After that, take highest interest rate debt, and pay minimum payment plus any additional amount you can afford that month. Once you pay this debt off, go to your next highest interest rate debt and apply money you were paying toward first debt towards second debt. Also add minimum you were paying on second debt and keep paying minimum payment due on others.
Last but certainly not least, stay motivated throughout this process until all of your debts are paid off. This may take a long time, but don’t get discouraged. You’ll be down to one card in no time and shortly after that, debt free.
Remember people just like you dive into debt everyday but people are also climbing out with use of these 5 great tips and other great resources. For more information on financial help go to http://www.inchargeorg.org.
Katie Spencer is a contributing writer for a number of international financial journals. She has been delivering financial education to the public in a variety of areas to include college budgeting, credit and debt management, and money saving tips. Recently, Katie has been in partnership with a national educational foundation to deliver financial advice to American consumers via the web. For more information please visit http://www.inchargeorg.org.
