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Paying Off Credit Card Debt

Reduce Debt by Thinking About It Differently

There are so many reasons why you should be paying off high-interest, bad consumer credit card debt. We know that interest payments are simply put, a waste of your hard earned money, and carrying a large amount of debt can be detrimental to your credit score and your ability to get good interest rates on future loans. An article titled "First, Self-Control. Then, Debt Control" was published in the New York Times, and positioned debt in a different way: instead of thinking of paying off debt now as a form of self-denial, think about it as a way to have more money to spend on yourself later. Find out the Times' tips on how to be debt-free when you

Most Americans are carrying around $9,000 in credit card debt, and if you're paying only the minimum at 18 percent interest, it would take 47 years and $23,994 in interest to pay off the balance if no other purchases are made using the card. Make sure you don't end up with decades of debt by adhering to the following steps.

  • As with most issues, you need to admit there's a problem before committing to a solution.
  • If figuring out a debt repayment strategy is too much to handle, every state has nonprofit credit counseling agencies that can be located on the National Foundation for Credit Counseling website.
  • Look at your income and expenses, and if you can't cut back in spending then figure out a way to make more money.
  • Pay off debts with the highest interest rate first.
  • Instead of signing up for the credit card offers that arrive in your mailbox, use them as leverage with your existing card company to get a lower rate.
  • Don't have high expectations about your credit score — it won't correct itself overnight, so don't be discouraged when it doesn't immediately jump.


Join The Conversation
Udayanga Udayanga 9 years
as a first we never wast the time and earn money speedily.we get a intermission for a while in earn money.its better to give a rest our,in addition we should get advanced knowledge about credit cards.because of its significant item and it has a power to control money between every countries. ............ udayanga Don't be a victim. Stop credit card debt now. We can help.
cg2003 cg2003 9 years
about how long does it take your credit score to go up once you started paying off your debt? i'm going through this situation right now
SkinnyMarie SkinnyMarie 9 years
It only makes sense to pressure people to pay off their debts. Unless its a house or school loans, we shouldn't be in such great CC debt. I can't believe that my CC has such a high limit, I could buy a new car with it! And to think the national average of CC debt is $9000 is crazy. If you can't afford it, don't buy it!
bellaressa bellaressa 9 years
Yeah, but I think they want more people to pay off their debt sooner than later.
princessjaslew princessjaslew 9 years
doesn't it seem to you like the same message is being repeated over and over again the past couple of months, its just they use different words?
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