Get Rid Of Credit Card Debt - Avoid Scams!
Studies from all sorts of financial institutions and public agencies suggest that few people are aware of the amount of debt they have. Fewer still know the interest rates they are paying and how long it will take to pay off their debt. That means the first step to get rid of credit card debt is to sit down with all of your bills or cards. Make a chart and find out the balance, the interest rate, and the monthly payment for each card you have. Though it can be painful, knowing where you are helps you formulate a plan.
Once you are aware of the debt, you can begin to pay off the debt. The best way to pay off your debts is to begin with one card. Experts are divided on the best approach. From a purely financial standpoint, your best option is to pay off your debt by beginning with the card with the highest interest rate, while others, most notably financial advisor Dave Ramsey, believe the best psychological route is to pay the debts off from smallest to largest. Still others suggest jump-starting your motivation by paying off one small credit card and then moving on to the one with the highest interest rate. Regardless of which option you choose, formulate a plan. Run calculators online to determine the monthly payment you need to pay off each debt in the amount of time you choose.