With credit card interest rates higher than the average return in stocks, a wise choice is to eliminate credit card debt. Depending on your circumstance you may want to transfer over to a 0% interest card to speed the process up. Here are some tips on using your credit card wisely.
- Pay your bills on time. A good credit history can help when looking for a home as ahigher credit score leads to lower interest rates. I had a bad habit of losing paperwork, so I automated all my bills. It saves on late fees and stamps. Many banks have online bill pay as a feature.
- If you can, pay the full amount owed. Credit card companies might call you a “deadbeat“, but at least you’re not tied to them each month. If you can’t, then pay as much as you can. Try a debt snow ball or even snowflaking. Find money in your budget to eliminate your debt.
- NEVER, EVER lend your credit card to anyone! Even if it is a trusted family member or family. This account is tied to YOU and you will be held responsible.
Using a debt snowball or debt snowflakes to help speed up the process. Eliminating credit cad debt doesn’ have to be difficult.
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