How To Pay Down Credit Card Debt

Paying down credit card debt on a tight budget can be challenging but it is possible when you make a plan and stick to it.

How to pay down credit card debt. Total payments will be 3040818 almost double the original balance. I will be getting a small lump sum of money. If you qualify for an installment loan with a lower rate youll end up paying less money overall.

The latest numbers from the Federal Reserve show that the total national household debt stands at a whopping 1427 trillion. How to Pay Off Credit Card Debt. 1 Thats trillion with a T Yeah its safe to say that worrying about debt is a national epidemic at this point.

To pay off credit card debt make sure youre paying more than the minimum payment so you are actually paying down the principle and not just the interest. Try to avoid this if you can. Check the interest rate section of your statements to see which credit card charges the highest interest rate and concentrate on paying that debt off first.

And before you know it youve got 10000 of debt with nothing to show for it but an empty bank account. As you pay down your credit card balances watch your credit score slowly rise since your utilization rate is decreasing. It just takes focus and perseverance.

Short of receiving a windfall theres no quick-fix solution to get. Plug that figure into a debt repayment calculator and youll see with 18 interest and 3 minimum payments itll take about 23 years to pay it off. Then talk to your credit card company to see if they can help you pay off your card.

You probably dont want to have debt like that hanging around for 23 years. As you direct your larger payments toward that balance you continue to make the minimum payments on your other accounts so you dont end up paying late fees hurting your credit or even defaulting. Try to put any extra money towards your debt if you can.