Paying Off Your Credit Cards


Visitors: 182

Credit card debt is a huge problem for many if not most Americans. We know that we need to get the cards paid down but it can be difficult. You might never seem to be able to make a dent in them. Read this article and get a few tips to help you pay your credit cards off for good.

The first tip and the one you have probably heard the most is that you must pay more than your monthly minimum to get your cards paid off. This is absolutely true. If you just pay the minimum payment on your card it will take decades to pay them off. Try to at least double the payment so that you are actually paying principal off instead of just interest.

Next, transfer balances to 0% interest cards. Many credit card companies will give you promotional rates of 0% interest when you transfer card balances over to them. This will save you a huge amount in interest payments. Be careful not to charge up the new card or the card you transferred the balance from. Cancel your old credit card or at least cut it up to keep from being tempted.

If you have a home and have equity, get a home equity loan to pay off debt. If you have equity in your home cash it out and pay off that debt. The interest you will pay on the home equity loan is much less than you will pay on your credit cards. This can save you hundreds of dollars a month, depending on your debt.

My last tip and the most important one is to not make nay new charges. Take all of your cards out of your wallet and leave them at home. If necessary, cut them up. This will keep you from making those impulse credit card purchases that will keep you from paying them off.

Overall the most important thing to have when trying to pay down credit cards is discipline and patience. make yourself a plan, follow these simple tips and have patience. Eventually you will get yourself out of debt.

Find the best accountants at the authors website on accounting and finances.


Article Source:

Rate this Article: 
Do You Have Love-Hate Relationship With Your Credit Cards? 5 Steps to Power ..
Rated 4 / 5
based on 5 votes

Related Articles:

Are you paying higher interest on your credit cards than you think?

by: Jeanette Joy Fisher (May 29, 2005) 

Tips For Paying Off Credit Cards After a Divorce

by: Danielle L. Taylor (September 17, 2008) 

Paying Off Your Credit Cards: A Get Out of Debt Plan

by: Teve Torbes (October 09, 2005) 
(Finance/Debt Relief)

Benefit From Credit Cards Paying Taxes

by: Jasmine Thomas (June 19, 2008) 

Credit Cards Being Used by Those Paying For Appliance Repairs and Replacement

by: R. Charlton (June 20, 2008) 

Paying for College: Student Loans or Credit Cards?

by: Jeff Mictabor (February 22, 2011) 
(Finance/Student Loans)

Paying Your Credit Cards Late Can Cost You - Big Time

by: Jeanette Joy Fisher (December 13, 2005) 

Stop Paying High Interest on your Credit Cards and Start Eliminating the Debt

by: Peter Webber (July 10, 2006) 
(Finance/Debt Relief)

Airline Miles Credit Cards or Frequent Flyer Credit Cards, What's the ..

by: Aubrey Clark (April 01, 2008) 

Do You Have Love-Hate Relationship With Your Credit Cards? 5 Steps to Power ..

by: Melanie Fine (September 08, 2008) 
(Finance/Credit Tips)