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Ways to Reduce Credit Card Debt

Ways to Reduce Credit Card Debt, credit card debt, get out of debt

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Ways to Reduce Credit Card Debt

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  1. Ways To Reduce Credit Card Debt • www.lifethenfinance.com 1 www.lifethenfinance.com

  2. Stop the vicious cycle • Eliminate access to the credit • Cut the cards • Close the accounts www.lifethenfinance.com

  3. Budget and Track spending • Track your spending habits • Monitor your budget • Review and revise accordingly www.lifethenfinance.com

  4. Rainy-Day Fund • Also called emergency fund • Save at least $1000.00 as a start-up emergency fund • A fully funded emergency fund is 3-6 months worth of your household expenses www.lifethenfinance.com

  5. Action Plan • Plan before you spend • Figure out which purchase are priority www.lifethenfinance.com

  6. Negotiate the Interest Rate • Contact your lender • Most companies are willing to review your accounts • Inquire if they have financial hardship programs which usually involve modifying your interest rates. www.lifethenfinance.com

  7. Accountability • Follow the budget • Modify as your life circumstances change • Involve family or friends or a support group to keep you accountable www.lifethenfinance.com

  8. Get out of Debt Strategy • Behavior problems requires a behaviorial solution. • Arrange your debts smallest to largest • Disregard interest payments • Make only minimum payments and any leftover money goes to the smallest debt. • Continue the same process until all debts are paid www.lifethenfinance.com

  9. Action Steps • Create a budget • Setup an emergency fund • Start the debt-snow ball www.lifethenfinance.com

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