Pay Off Credit Card Debt
by S.McMinn
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One of the smartest
ways to pay off your credit card debt is to
pay the one that has the highest interest
rate, then continue until you get to the lowest
rate ones,
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this applies only
because the one with the highest interest rate
is costing you more son basically
The time that you
have a balance on this card the less time you
will have to pay on a high interest rate credit
card.
Although a lot of
people think that paying off a card with a small
balance is better because you can pay it off quicker
this is not
The case as you are
paying a higher interest rate. So in this case
higher is better than lower.
A few other ways to
pay off your debt are:
Negotiate a settlement
if you get behind in your payments late fees and
interest charges can make the balance on your
credit card multiply enormously which will make
paying off the card extremely difficult on you
financially. A lot of companies now offer credit
card settlements for a fraction of your balance.
Another way is to
pay more than the minimum amount due, the best
way to do it is whatever your minimum payment
is if you can afford it double the payment. Remember
the long it takes you pay off your balance the
more interest the bank collects.
There are other ways
to pay off your credit card debts use your saving
account, home equity, borrow against your 401k,
but make sure you check all your options before
having to come to this extreme alternative.
You can also consolidate
all your debts together and then brind down your
payments into one large lump payment. One payment
reduces the fear of missing a payment.
Lastly cut up your
credit cards to lessen the temptation and to avoid
further debt problems
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