People Treat Credit Card Debt Like A Disease

People treat credit card debt like a disease. How to eliminate the credit card debt as soon as possible?

They don' t care about it until things get out of hand and considerably threaten their lives. If this question is bothering you, read on. Step 1: List and arrange. In this article we present a simple 3 step proactive approach to get rid of credit card debt. List all your credit cards in a table with their details. Arrange them in decreasing order of interest rates. The details to be recorded are the outstanding balance, minimum payments, interest rates, and repayment dates.

Now you have a list with credit card that charges the most on its balances at the top. Step Set up a payment schedule. Move on to the next step. Add up all the minimum payments of credit cards. Now, pay the minimum payments of all credit cards except the card with highest interest rate. From your monthly budget allocate a money which is about double the total that comes after adding the minimum payment.

For this credit card pay the remaining amount of money allocated for credit card payment. Step 3: Eliminate all debt one by one. If bothered by the varying repayment dates, automate the repayment process using your bank account. Thus, you will end the highest interest rate debt first, now continue with the second highest rate card and so on. To prevent accumulation of credit card debt in future make sure not to indulge excessively. Each month you will require less amounts for credit card debt elimination as the debt reduces. Keep a track of high interest rate credit cards, and transfer their balance to a low interest rates or 0% intro APR credit cards.

Try to pay cash for most of your purchases and stay within your budget. Don' t miss out on repayments and invite penalties.

Category: Finance, Credit