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Get aggressive with your credit card balances

Get aggressive with your credit card balances


Are you feeling good because you've refinanced your mortgage down to an unbelievably low rate? Well, perhaps it's now time to turn your attention to your credit cards. It's estimated that the average cardholder is carrying over $8,000 in unpaid balances. And while your mortgage might be costing you 6% or less, you're almost certainly paying double-digit interest rates on your credit cards. One of your smartest financial moves could be to pay down some of that debt. You'll cut your monthly interest payments and improve your credit score in case you ever need to borrow for some other purpose. Read all the articles, this is good for your business or your small business course.

How do you go about reducing credit card debt? Some people do it by taking out a home-equity loan; others try debt consolidation. Both strategies have their risks, and you might be well advised to talk to one of the nonprofit debt counseling services before you adopt them. You'll receive impartial advice on your situation and useful practical tips too.

Step One. Whether you decide to go for credit counseling or do it yourself, the first move is the same. Read the fine print on your credit card statements to find the interest rate. That alone might be a real shock. Then list the outstanding balances and the interest rate for each card. Also, add up the minimum monthly payments from your most recent statements.


Try this: Call the customer service department for each card and ask them to reduce your interest rate. Explain that you're a loyal customer and would like to keep your card, but you're being tempted by offers to transfer balances to other cards with lower interest. These calls may take some nerve, but you may be surprised how easy it is to negotiate a lower rate.

Step Two. The next step is to figure out how much extra you can pay each month. Perhaps you have a little extra take-home pay after this year's tax cuts. Or perhaps you can find other ways to squeeze some extra dollars to pay off your debt (e.g., eat out less, give less expensive gifts, and eliminate impulse buying). If you don't already have one, prepare a monthly budget and resolve to stick to it.

Step Three. Start your pay-down by making the largest monthly payment you can afford on the card with the highest interest rate, while keeping up the minimum payments on all your other cards. Once you've paid off the first card, move on to the card with the next highest interest rate.

This process will take time, but remember that you didn't build up all that debt overnight. You'll also need self-discipline to control your spending. However, the effect on your financial health will be well worth the effort.

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