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Tips for Paying Off Credit Cards Faster

/ BY / Managing Debt

While credit cards can be useful tools for emergencies, building up credit, and earning flier miles and other perks, too much credit can be a costly drain on your finances. Monthly payments, fees, and the amount spent on interest can quickly spiral out of control and take up a huge chunk of your monthly budget. If you have credit card debt and would like to pay down your cards or pay them off altogether, these tips will help you pay your cards off faster: Set goals. Realistic goals can help you pay off your credit cards faster. Not only does this give you a time limit to be accountable for, but it can also serve as a reminder when you're tempted to charge up your cards or put extra...

Credit Card Debt Consolidation

/ BY / Managing Debt

You've probably seen commercials or ads about credit card debt consolidation offers that promise to roll your credit card debt into one low payment. But while this may sound like an easy fix to your credit card woes, it's important to understand what debt consolidation entails before considering it seriously. What is credit card debt consolidation? Credit card debt consolidation works by taking out a loan, typically a home equity line of credit or a loan from a consolidation firm, and using that loan to pay off all of your credit cards. From there, you simply make one payment to whoever issued the line of credit, either the bank or the debt consolidation company. In most cases, the...

You Might be Headed for Credit Card Debt Trouble If...

/ BY / Managing Debt

Americans are no strangers to credit card debt. In fact, the average American household has just over $10,000 in credit card debt, and the average interest rate is 17%. Credit cards are useful tools for building up credit or helping you through a financial emergency. However, credit card debt has a tendency to quickly spiral out of control, leaving many people with debt they can no longer handle. Too much debt can lead to a number of financial problems, including: Lowered credit score. One of the determining factors of your credit score is the amount of credit you carry at any given time. The closer you are to your credit limit, the lower your score will be...

Dig Yourself Out of Holiday Debt

/ BY / Managing Debt

Are you suffering from post-holiday debt regret? It's easy to get caught up in the frenzy of holiday shopping, gift giving and entertainment, and it's easy to whip out your credit cards to pay for it all. But now that the season has passed, the gifts are put away and the bills are starting to flood in, you may wish that you had exercised a little more spending restraint. You're probably suffering from debt regret if you are: Maxed out on one or more credit cards; Having trouble sleeping because you’re worrying about paying your credit card bills; Hiding credit card bills from your spouse or fighting about holiday spending; Borrowing from your emergency savings fund to pay off your credit card bills...

Paying Down Debt

/ BY / Managing Debt

Paying down debt is a smart financial move--no one ever misses the monthly payments or high interest rates that come along with every credit card. The trick is figuring out a way to pay down your debt that actually works for you. Build a debt reduction plan that leads to success by beginning with a clear understanding of your financial resources and your debt load. It’s a good idea to put pencil to paper and build a budget that supports your financial goals. Carefully list all of your outgoing expenses, and then add together your income. Adjust your expenses so that you have a budget that will support your goal to pay down your debt. It also helps to have an emergency savings account in place...

 

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