When Using Credit Cards Pay Off The Balance - 3 Helpful Tips
Be honest - are you one of the people who doesn’t pay off the full balance on your credit cards every month? Don’t worry - you’re not alone. There are hundreds of thousands, if not millions of people who carry a balance from month to month.
And you know what? The credit card companies LOVE IT! This is how they make the obscene amounts of money they make - from the interest that you and so many other people pay every single month.
Imagine if you could make upwards of 15% return on money you invested. Would you be happy with that?
Well, that’s what the credit card companies are doing. They’re investing their money in loans to people like you and I, who in return pay them double-digit percentage rates to be able to use that money.
If you’re carrying a balance right now, these three tips will help you pay off your credit cards sooner.
1. Always make more than the minimum payment
Yes, I realize this is easier said than done. But you need to do everything possible to make higher payments on your credit cards. If you only make the minimum payment from one month to the next, it can take you as much as 20 years to get them paid off.
Can you imagine still paying on that new outfit you bought last month 15 years from now? Even if you still have it, it’ll be hopelessly out of style!
2. Ask for a better deal
The credit card industry is highly competitive. You’ve probably received several new card offers in the last couple of months alone.
Because things are so competitive, the credit card companies are often willing to offer you a better deal to keep you as a customer. This is especially true if you have offers from their competitors offering a lower interest rate or some other kind of deal.
It never hurts to ask - the worst they’ll say is no.
3. Focus on one card at a time
When you’re paying off your credit card debt, it’s best to focus on one card at a time rather than making payments on them all. You’ll need to keep making the minimum payments of course, but put all the extra money you have for payments towards one card instead of splitting it up.
This will get your cards paid off faster, and you’ll see results a lot quicker.
You can learn more about how to pay off your credit cards using my Debt R.E.D.U.C.T.I.O.N. System which you can pick up for free on the Debt Reduction Academy website.
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