How To Eliminate Credit Card Debt

September 21st, 2009 admin

1.  Create a list of your credit cards. Include account balances, interest rates, due dates, and minimum monthly payments. 2.  Make minimum payments to all credit cards, on time. 3.  Make an additional payment to one of the cards on your list. If you make an extra payment to the account with the smallest balance , you can quickly eliminate an entire card balance from your plan.  This may provide a much-needed emotional boost and keep you motivated . If you make an extra payment to the account with the highest interest rate , you guarantee that you will be paying the least possible amount of interest.  This is a mathematically-sound approach . 4.  Continue to make minimum payments and the extra payment until the …


Originally posted on NCN Blog

 
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