How To Pay Off Your Credit Cards In 2015

How To Pay Off Your Credit Cards In 2015

* Stop Using Credit Cards for New Purchases

As the saying goes, when you find yourself in a hole, the first thing to do is stop digging. The fact that credit cards are so easy to use makes it so easy to get into debt. Furthermore, each new charge adds to your average daily balance, increasing the interest charges. So the first step is to leave your credit cards at home and switch to a different method of payment for your daily expenses. Then, focus on using your remaining funds available to you each month to pay off your debt.

* Get a 0% APR Balance Transfer Offer

There are credit cards that offer interest-free promotional financing on balance transfers, but usually with a 3% balance transfer fee. However,I have seen a few that offer 0% APR financing on balance transfers, and no balance transfer fee. These 0% APR balance transfer offers allow cardholders to take a break from interest payments for 15 months. Avoiding interest charges will not only allow you to save money, it will also help you pay more of your debt off sooner.

* Create a Budget 

Cardholders with debt need to sit down and create a realistic spending plan while setting goals for repayment of debt. Once you have a clear picture of your income and expenses, you can make the choices necessary to reach your goal.

* Pay Down Your Debt Early & Often 

Whether or not you have your debt covered by a 0% APR promotional financing offer, it's smart to make frequent payments when you are able. For example, you could schedule payments shortly after you receive your paycheck, or when your tax refund arrives, rather than waiting for the next due date. If your debt is accruing interest charges, paying before the due date reduces your account's average daily balance, which will minimize interest charges. And even if interest is not being charged, paying early will prevent you from changing your mind and using the money for something else.

 Paying off your debt will lower your debt to ratio income therefore allowing you to qualify for more home.


Kristina Davidson Headshot
Phone: 936-672-2626
Dated: December 31st 2014
Views: 577
About Kristina: A thirst for challenge, a perpetual desire for growth, an investment in life-long learning and a com...

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