Getting Out of Credit Card Debt: Tips and Techniques
Credit card debt can be a real burden, not just financially, but emotionally as well. The stress of having high balances and high interest rates can make you feel like you're never going to be able to get ahead. But there is hope! With a little bit of strategy and discipline, you can get out of credit card debt and back on track to financial freedom. Here are some tips to help you do just that. Pay More Than the Minimum Payment The minimum payment on your credit card is the amount that you have to pay each month to keep your account in good standing. But just paying the minimum won't do much to reduce your balance or your interest charges. To really make progress, you need to pay more than the minimum. Try to pay as much as you can each month, and focus on paying off the balance with the highest interest rate first. Use the Debt Snowball or Debt Avalanche Method There are two popular methods for getting out of credit card debt: the debt snowball and the debt avalanche. The debt