Manage And Pay Off Your Credit Card Debts With These 7 Quick Tips

You can now see on your statement the deferred payment and installment purchases you made during the holidays. Yes, most of the time we overspend during holiday season. We never worried on our budget until we receive our credit card statement. 

Here are quick tips that might help you if you are also struggling to pay off your credit card debts.

Know Your Numbers

Know the exact amount you needed to pay for your credit card debt and the minimum amount due for each credit card you have. Also, know your actual take-home income and how much your necessary expenses each month.

Using these information, you can now create an effective strategy on how to pay off your debts. Debt Snowball Method is one of the effective strategies you can use.

Stop Incurring More Debts

To eliminate any temptation from any unplanned or impulse purchases when going out, leave your credit card at home. You can also get a pair of scissor and cut your credit cards.

No credit cards, no temptation. No temptation of impulse buying, no worries on how to pay it.

Don’t you dare use your another credit card to pay off the debts you have from another credit card! It’s NOT  a good idea. You will pay more interests than you ever think. 

When you are using a Debt Snowball method, merging all your credit card balances to one card becomes unnecessary. 

Motivate Yourself With A Visual Aid

The motivation to bring your debt amount down becomes stronger once you see your debt amount going down each month. So have a pin post beside your mirror or a refrigerator where you can see your debt going down each month.

Minimize Expenses And EARN More Income

The easiest way to pay off your debts is to eliminate unnecessary expenses. We need to realize our day-to-day spending and save as much as we can.  

While your training yourself to be conscious on your spending and saving habit, try to make more money. You can ask your boss for a raise or you can do freelancing work both offline and online.

There are many freelancing work you can find online. Depending on your skill set.

Sell Things You Own

Instead of stressing out on how to pay your debts, you can sell some of your stuffs. I know selling some stuff you need is hard, but it’s harder to worry about your debts.

If you buy things you do not need, soon you will have to sell things you need.

Warren Buffett

Pawning your jewelries, art collection, car or real estate properties is not a good idea. You should sell them instead. When you pawn your car, you must redeem it with the exact amount and interest. By the time you redeem it, the value of your car already depreciated. 

Perhaps jewelries don’t depreciate. Yes, it won’t but you’ll still be paying for its’ interest. Losing material things is way better than losing your good health because of stress and worries. 

Save Money While You’re Paying Your Debts

This makes little sense if you‘re depending on one source of income. If you‘re still depending on one income, pay as much as you can on your debts. Start with the once with highest interest rate. But if you now have a side hustle, saving money while paying your debts makes perfect sense. 

Saving money while paying your debt when you have another income is great because when you have a sudden expenses, you’ll no longer loan or use your credit card to pay it. You may now use your emergency fund instead. 

A Lot Of The Best Things Are Free

You are not the first and only person to struggle with credit card debts. Having someone to talk about your problems will help a lot. Who knows? The person you talk to may have already experienced the kind of struggles you are experiencing today. They might give you some tips on how could pay their credit card debts. 


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