How to Pay Off Your Credit Cards
You are going to have to pay off the credit cards debts that you have and yes that is going to become more and more difficult as each day that you have the debt then there will be a lot more interest rates adding up and accumulating every second.
There are things that you are going to have to get to pay off your credit card debts;
- A box to keep all of your credit card statements in.
- A notebook and pen to write with.
Now you are going to have to get all debt statements and bills whether that is for your loans for anything, your credit card bills, everything that you are going to be in debt with. Now you can take each debt and write them down and what you owe on them all and remember to add the interest amounts and what the minimum charges are.
Also take note of what is coming into the home every month; so if you are working two jobs add the total income amounts together as well as your partners or whoever else lives in the home. Remember to take out all costs that are for the apartment or home and then your debts.
Now you can start to snowball the debt; this means that you can find the lowest debt you want to get rid of first and then start with that debt.
Try having around fifty or sixty dollars of savings each month and everything else should be going towards the first debt all the while still paying the minimum charges for the other debts also.
In less than six months the first debt could be paid off and you are just left to deal with the next debts; keep using the same methods and techniques remembering to add what you were paying to the first debt and add that to the next debt that you are concentrating on.
This is a way to snowball the debt so that you can pay the debts off but one at a time so that you are not getting charged twice the amount. Now after the debts are cleared that you don’t get back into debt again although that is easier said than done.
Pay Off Your Credit Cards – Tips & Warnings
- You should only be buying things that you know that you can afford to pay out.
- If you don’t have money in your wallet then doesn’t buy it.
- Try to save money so that if you want to buy something then you can save up for it to buy it. That way you are not going to have to pay any interest rates on top of the amount of the item.
- Never use the credit cards unless you have an emergency but even then hopefully you will have savings or an emergency fund to work with.
- Make sure that you are buying and keeping what you can actually afford. Remember if you are buying an expensive car and you can’t afford to buy it straight away then this is not something that you own unless you pay the full amount off.