The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Get Help
    • Money Coach University™
    • Books
    • Financial Coaching
    • Speaking
    • The Money Coach Recommends™
  • Contact
  • Building Wealth
  • Investing
  • Credit Scores
  • Student Loans
  • Paying for College
  • Saving Money
  • Real Estate
  • Credit Card Debt
No Result
View All Result
The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Get Help
    • Money Coach University™
    • Books
    • Financial Coaching
    • Speaking
    • The Money Coach Recommends™
  • Contact
No Result
View All Result
The Money Coach
No Result
View All Result

6 Easy Ways to Tackle Credit Card Debt Now

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Credit Cards
Reading Time: 2 mins read
6 Easy Ways to Tackle Credit Card Debt Now
9
SHARES
148
VIEWS
Share on FacebookShare on Twitter

f those credit card balances just never seem to disappear or you’re drowning in debt, you need a realistic payoff plan to get your financial house back in order. According to CreditCards.com, the average credit card debt per household with credit card debt in 2012 was $15,956. That’s a significant debt load for the typical household and isn’t an easy load to manage when you have a large family or are trying to save up for important expenditures. However, there are some simple things you can do to start paying off that debt and improving your financial standing.

Here are six easy ways to tackle credit card debt now:

1. Write down exactly what you owe.

You’ll need a clear idea of how much debt you actually have and what you are paying in interest on each credit card. Sit down and list all of your credit card balances, the minimum payment or average payment you have been making, interest rate, and average interest you collect on each balance. This will give you a much better idea of which cards need to be paid down faster than others, and how much you are spending on interest.

2. Consider consolidating some cards.

If you are eligible for a zero-percent interest credit card or have an open line of credit on a very low-interest card, consider consolidating your cards to save on interest. Just make sure you understand what the balance transfer fees are, and if you are applying for an introductory or low-interest card offer, make sure you can afford to pay off the entire balance before the promotional period is over. Carrying a high balance forward on the new card after the promotional period is over could just bring you back to square one.

3. Reorganize your budget.

Take a closer look at your current budget and spending habits to eliminate all uses of a credit card. If you are paying for groceries and other basic living expenses with a credit card, you need to rework your budget so you are operating on a cash-only basis. Stop using your credit cards entirely and get into the habit of buying only what you can truly afford. You’ll find it much easier to tackle credit card debt when you use this approach.

4. Negotiate with creditors.

Call up your creditors to see if they can reduce interest rates on cards that you have been carrying for a long time. As long as you have been making regular payments and have a good account standing, you may be eligible for an interest rate reduction or modification in payment terms.

5. Make double minimum payments.

Instead of making a single minimum payment once per month, make a minimum payment every two weeks and pay down that balance faster. You’ll be accumulating far less interest as the balance goes down and will be a few steps closer to eliminating that balance altogether.

6. Pay down cards that have higher balances for a credit score boost.

If you want to boost your credit score as quickly as possible, you will want to open up as much available credit as possible – essentially lowering your credit utilization rate. Pay down the cards that have balances closer to the credit limit to improve your credit utilization rate and boost your credit score.

Tags: credit card debtpay off credit card debt
Previous Post

6 Ways to Save for Your Summer Vacation

Next Post

Tax Tips: 10 Things to Know About the Adoption Tax Credit

Related Articles

pay credit card balance in full
Covid-19

3 Items to Buy With a Credit Card During COVID-19

by Lynnette Khalfani-Cox, The Money Coach
coronavirus credit card debt
Covid-19

Coronavirus and Credit Card Debt: What Lenders Want You to Know and Do During COVID-19

by Lynnette Khalfani-Cox, The Money Coach
Rewards credit cards holiday spending strategy
Credit Cards

5 Strategies for Using Rewards Credit Cards When Holiday Shopping

by Guest Blogger
credit-card-benefits
Credit Cards

How to Negotiate a Lower Interest Rate on Your Credit Card

by Lynnette Khalfani-Cox, The Money Coach
maxed-out credit card
Credit Cards

The Most Maxed-Out Places in America

by Guest Blogger
credit-card-benefits
Credit Cards

4 Apps that Tap Into Your Credit Cards Hidden Benefits

by Lynnette Khalfani-Cox, The Money Coach
pay credit card balance in full
Credit Cards

Should I Pay My Credit Card Balance In Full Each Month?

by Lynnette Khalfani-Cox, The Money Coach
approved for a credit card
Credit Cards

How To Get Approved For A Credit Card

by Guest Blogger
credit cards
Credit Cards

The Best Credit Cards to Reach Your Financial Goals

by Guest Blogger
Next Post
Tax Tips: 10 Things to Know About the Adoption Tax Credit

Tax Tips: 10 Things to Know About the Adoption Tax Credit

About

Lynnette Khalfani-Cox, The Money Coach®, is a personal finance expert, speaker, and author of 15 money-management books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom.

Lynnette has been seen on more than 1,000 TV segments nationwide, including television appearances on Oprah, Dr. Phil, The Dr. Oz Show, The Steve Harvey Show, Good Morning America, The TODAY Show and many more.

Quick Links

  • Money Coach University
  • Lynnette's Personal Site
  • The Money Coach Corporate Site
  • Video Portfolio
  • Privacy Policy

All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

©2009-2022 TheMoneyCoach.net, LLC. All Rights Reserved.

No Result
View All Result
  • Meet Lynnette
  • Money Coach University™
  • Books
  • Financial Coaching
  • Speaking
  • The Money Coach Recommends™
  • Media Kit
  • Contact

©2009-2021 TheMoneyCoach.net, LLC. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist