Dealing with Debt

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There was a time in my life when credit card debt sneaked up on me. When I was in college it was very easy to get credit cards. Credit cards makes paying for purchases real easy until you get that dreaded credit card bill. I did not pay my bill on time and interest was added to my balance. Just imagine what happens when you have more that one credit card. In my early years I had 13 credit cards and they were all maxed out.

Too much credit card debt can lower your credit score. A low credit score can have an impact on getting hired, purchase insurance or qualify for a mortgage or a car loan at a reasonable rate. However, here are some strategies that can help you deal with your credit card debt.

Pay off your balance. If you pay the balance right away, you will owe no interest. When I did not pay off my balances , interest was added to my outstanding balance each month, so I ended up paying interest on interest. Moreover you pay more in interest than what the item you charged cost.

A) Don’t just make the minimum payment.

If you can’t pay off the balance in full monthly, just pay as much as possible. Making the minimum only extends your payment and significantly increases the amount you owe over time.

B) Pay your bills on time.

If you pay late , your credit card company will charge a late fee and add it to your balance therefore you will be paying interest on that late fee. Keep in mind that late fees can lower your credit score.

C) Don’t carry credit cards.

If you leave your credit cards at home, you wont be tempted to use them. Pay with CASH( or use your debit card)

and finally D) Develop a spending plan. Keep track of where you are spending your money, and look for places to cut back. Small changes can help you save significantly over time.

36 thoughts on “Dealing with Debt”

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    1. wilsonkeith35

      Thanks for your comments. My goal is to help someone who is struggling in the area of money management like I was several years ago. Did you check the boxes to receive new post?

    1. wilsonkeith35

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    1. wilsonkeith35

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    1. wilsonkeith35

      Thanks… more to come…continue to share my post to your sphere of influence. I am trying to change peoples mindset on how they view finances

    1. wilsonkeith35

      Thanks… more to come…continue to share my post to your sphere of influence. I am trying to change peoples mindset on how they view finances

    1. wilsonkeith35

      Thanks… more to come…continue to share my post to your sphere of influence. I am trying to change peoples mindset on how they view finances

    1. wilsonkeith35

      Thanks… more to come…continue to share my post to your sphere of influence. I am trying to change peoples mindset on how they view finances

    1. wilsonkeith35

      Thanks… more to come…continue to share my post to your sphere of influence. I am trying to change peoples mindset on how they view finances

    1. wilsonkeith35

      Thanks… more to come…continue to share my post to your sphere of influence. I am trying to change peoples mindset on how they view finances

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