If you find yourself with an unpaid balance on your credit cards it is time to take action. Most people who have an unpaid balance usually have 2 or more cards and pay just the minimum monthly payment required by the credit card companies. This problem can lead to a revolving credit card crisis with your monthly balances continuing to go up and a feeling of desperation. Don’t worry we will help you get this issue under control.
First, you need to look at your spending habits. Look at your take home pay and put together a budget that you can live with. Then take a look at your credit card statements to see the items you pay each month. Now determine which items you can do without.
Secondly, take a look at the credit cards balances and list them lowest to the highest. Then check the interest rate you are being charged and list those on the top. Now you have a starting point. Start by paying off the highest interest rate balances first. It will help most if you can make additional payments over and above the minimum payments every month. In many cases you will see the interest you are paying exceeds the monthly minimum payment. If this is the case, start double paying as quickly as you can.
Finally, take the lower interest rate cards and continue to add additional funds every month. If you pay an additional $30-$50 toward these balances you will start to develop a strategy and discipline to get out of credit card debt.
It is important to start today if you want to become debt free.
