The average credit card debt balance is $6,469.
And the average APY is now over 20%.
That means you'll be paying $1,293 in interest annually.
Instead, here are 5 tips you can use to pay off that credit card debt ASAP:
And the average APY is now over 20%.
That means you'll be paying $1,293 in interest annually.
Instead, here are 5 tips you can use to pay off that credit card debt ASAP:
1. Ruthlessly Cut Expenses
Get a reality check.
Look through your expenses and categorize them into:
- Needs
- Wants
- Wishes
Cut out expenses falling under Wants & Wishes.
Those "saved" costs will go toward your credit card debt.
Get a reality check.
Look through your expenses and categorize them into:
- Needs
- Wants
- Wishes
Cut out expenses falling under Wants & Wishes.
Those "saved" costs will go toward your credit card debt.
2. Find Your Strategy
Make a dent in that debt with:
A) Snowball - Sort debt by amount & pay off the smallest first (while making min. payments to the others).
Or
B) Avalanche - Sort debt by interest rate & pay off the highest first (while making min. payments to the others).
Make a dent in that debt with:
A) Snowball - Sort debt by amount & pay off the smallest first (while making min. payments to the others).
Or
B) Avalanche - Sort debt by interest rate & pay off the highest first (while making min. payments to the others).
3. 0% Balance Transfer
Find a card with a 15-18+ month 0% intro period.
Transfer your outstanding credit card debt to that card.
Make payments each month without paying interest.
NOTE: Only do this if you don't plan to spend MORE on your new card.
Find a card with a 15-18+ month 0% intro period.
Transfer your outstanding credit card debt to that card.
Make payments each month without paying interest.
NOTE: Only do this if you don't plan to spend MORE on your new card.
4. Negotiate with Creditors
Credit card companies WANT you to work with them.
They want you to pay off the debt.
So pick up the phone and call your credit card company.
Negotiate the terms of your interest rate or payments.
The worst thing they can say is "no."
Credit card companies WANT you to work with them.
They want you to pay off the debt.
So pick up the phone and call your credit card company.
Negotiate the terms of your interest rate or payments.
The worst thing they can say is "no."
5. Increase Income
How much you SAVE is limited.
How much you EARN is UNlimited.
So start building multiple streams of income to make more money.
The more you make, the more you can use to pay off your credit card debt.
How much you SAVE is limited.
How much you EARN is UNlimited.
So start building multiple streams of income to make more money.
The more you make, the more you can use to pay off your credit card debt.
Thanks for reading!
If you enjoyed this thread, then join my free newsletter.
I write an email to 27,000+ people each Saturday where I share the secrets to building modern wealth.
You can sign up here: themillennialmoneywoman.com
If you enjoyed this thread, then join my free newsletter.
I write an email to 27,000+ people each Saturday where I share the secrets to building modern wealth.
You can sign up here: themillennialmoneywoman.com
Loading suggestions...