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subject: Top 7 Tips To Pay Off Credit Card Debt [print this page]

If you have been high in debt, paying the minimum amount each month is not the best

idea. Here are a few tips on how to get your credit card pay off debt cleared.

1 . Try and have an emergency fund. This is something that you need to do early.

You could use this money to pay off the amount with the highest rate of interest.

2 . Make an inventory of the debts that you have. This will help you decide which

ones to pay first and which you can keep for the last. Your inventory must include

all your credit card accounts, the account numbers, current balance, interest

rates on them, minimum payments on each bill, credit limit and contact number.

3 . Start by paying off the highest rates first and then gradually move on to

the lower ones. When the highest rate is pad off, you should then move

on to the next highest one and gradually move down to the lowest rate.

4 . For those who think this to be a discouraging idea could pay off the bills

with lower rates first and get some burden off the shoulders. Once you are

done with the lower rates, move straight to the one with the highest rate of

interest. The idea is to get the debt out of your life and as soon as possible too.

5 . Make a payment plan and once you do it stick to your plan until you pay off a

certain bill. Move the plan to another credit card bill and keep going till you clear

off all of your dues. It might be tough but muster all your courage to get it done

because there will be much relief after this.

6 . Have good knowledge about your finances. Dont just make a mental promise for

the sake of doing it. First see if the plan that you have can be supported by the

finances that you have. Track down your spending s and then decide how much

you can afford.

7 . Pay more than the minimum you think you can afford. This way you can

shorten the time for which you would otherwise have had to pay the debt. You

may use a credit card pay off calculator to find out how much time you will

take to clear off a certain debt based on the monthly payments that you make.

by: Jason Holmes

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