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How to pay off credit card debt

January 20, 2012

STEP 1: pay every bill in full and adjust your usage

Discipline yourself. At the time the bill comes, and you do have the money, just pay your bills paid off. Do not get used to not paying your bills are paid off. If you do not pay your card bill is paid off, then the interest can ‘kill’ you slow down.

Remember, credit card just a way for banks to borrow money for about 25-30 days. After that you still have to pay in cash. If you can pay the bill in full, good. But if not, then it would be better if you suspend your card usage.

Plus, if it is not trapped at all, do not cut your card. Remember, there is a moment in your life where you are in a state of emergency, and had no cash to pay for a transaction. Maybe the nights you need to go to the Emergency room at hospital. Here your credit card can be useful if you do not bring enough cash

STEP 2: more debt to pay old debts

Pay your bill by taking new loans.
I remind you here that the purpose of the strategy “more debt to pay old debts” is to relieve your debt burden. This strategy will not make your debt balance is reduced, but lighten the burden of interest you pay. Thus, this strategy could be used not only in paying credit card debt, but also in your debts the other. Strategy “to pay the debt back old debt” will be effective as long as there are two conditions are met:

1. Your new loan amount does NOT MORE than your old loan balance.

2. The interest rate of your new loan must be smaller than the loan interest rate you currently pay

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