1 / 8

Ways to get yourself out of CREDIT CARD DEBT

Having a credit card debt can lower your credit score. And, if your score gets low, it would be difficult for you to get a loan approval for your financial needs. To avoid this, target erasing your debts first.<br>

KaranKumar
Télécharger la présentation

Ways to get yourself out of CREDIT CARD DEBT

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Ways to get yourself out of CREDIT CARD DEBT

  2. Having a credit card debt can lower your credit score. And, if your score gets low, it would be difficult for you to get a loan approval for your financial needs. To avoid this, target erasing your debts first.

  3. Calculate The Amount Of Money You Owe Create A Budget Make a list of all your account balances. Add your Debt amount and the interest you're paying against these debts. Be ready to tighten your expenses. Figure out your monthly expenses and create a monthly schedule for repaying your debts. Ensure you save some funds for emergencies.

  4. Look for a credit card with a lower interest rate Set Auto-debit Mode This is a smart way to pay off your dues. Set up the payments to be made from your bank account the day after you receive your salary. If your credit score is good, look into a credit card that offers low Annual Percentage Rate (APR) and see if you can beat your current APR.

  5. Opt for a lower interest rate loan Get a balance transfer credit card • A balance transfer card lets you transfer balances from your old card to the new card. Sometimes personal loans often charge lower interest rates. If you have a home, you may get a better interest rate. • You can get a balance transfer credit card with an introductory 0% APR or a lower interest rate.

  6. Find additional income Avoid making new purchases If you want to become financially free, then focus on generating extra income. Stop spending; instead, use that money to pay off your existing balance. Stay focused and remember your ultimate goal is to be debt-free.

  7. Follow the aforementioned tips and see how quickly your debt vanishes and how high your credit reaches! Remember these tips for a strong financial life. Work on financial habits Good financial habits are important to build strong finances for the future. Pay your credit card dues & loan EMIs on time, stick to 30-40% credit limit, etc. This will keep your score high.

  8. To begin your credit journey smoothly, get your free credit reporthere! https://cir.crifhighmark.com/Inquiry/B2C/B2CFFCRPortal.action Follow CRIF India on : /CRIF INDIA

More Related