Credit card debt can have a significant impact on your financial well-being. It is important to understand what credit card debt is, how it works, and the potential consequences it can have on your overall financial health. In this comprehensive guide, we will explore the concept of credit card debt, its benefits and drawbacks, strategies […]
Understanding Credit Card Debt and Its Impact on Your Finances Read More »
Even though I got my first credit card more than 25 years ago, I remember it like it was yesterday. I was a freshman attending the University of California, Irvine. At age 18, just receiving an invitation to apply for a credit card made me feel so grown up. Back then, credit card solicitations were
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You don’t need to be a rocket scientist to figure out that having a lot of credit card debt can be a drag. Duh. It’s no fun stressing every time you get your monthly credit card statements or worrying if you’ll have the money to at least cover the minimum payments on your credit card
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any of my readers want to get out of debt – especially at the beginning if the New Year when they’ve made various financial resolutions. One recurring question I’m often asked is: which debts should I pay off first — student loans or credit card debt?
Which to Pay Off First: Student Loans or Credit Card Debt? Read More »
A reader on AskTheMoneyCoach.com wants to know what to do about debt she can no longer afford to pay due to the loss of the family’s primary breadwinner.
How to Deal With Credit Card Debt You Can’t Afford to Pay Read More »
Many people say they want to get out of debt but they continue to make the same financial mistakes over and over again. In this video, I’ll tell you 4 of the dumbest things you can do if you want to get out of debt.
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One of the primary reasons why people choose to consolidate credit card debt is to reduce their interest payments and also reduce their overall monthly payments. Just like a regular loan consolidation program, a credit card debt consolidation program can help to lower monthly payments to free up some cash in your budget each month.
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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
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Transferring your credit card balances (balance transfers) can be an effective way to save on interest you would otherwise accumulate on a high-interest credit card, and can also increase your credit score as you clear up your credit lines. However, there are some things you need to be aware of before you authorize that transfer.
Best Ways to Get More Out of Credit Card Balance Transfers Read More »
Even though you might be very good about paying your credit cards on time, knocking out your balances in full each month, or keeping your debts to a minimum, you might still be making some common mistakes with your credit.
5 Credit Card Debt Traps to Avoid Read More »
Many people ask me about various payment strategies to eliminate debt. So in this post, I’ll offer some guidance on how to effectively reduce debt and keep your finances strong. Specifically, let me answer the following question someone recently asked: Q: Can you reduce the payoff on a credit card by paying bi-weekly or weekly
Credit Card Payment Strategy: Do Bi-Weekly Payments Reduce Debt Faster? Read More »
It’s a question all consumers struggling with debt will have to confront at one point or another: Should I use my savings to pay off my credit card bills? Generally speaking, I don’t think it’s a wise idea to tap into savings, especially things like retirement savings, in order to pay off credit card debt.
Should You Use Savings to Pay Down Debt? Read More »
If you or a loved one is awash in credit card debt, the situation might look hopeless. After all, you may be staring at thousands of dollars worth of credit card bills with no real idea about how to eliminate that debt. Some people simply try to pay off high interest rate debt first. But
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Dealing with debt collectors is stressful. They call at all hours of the day and night. They hound you for money – whether you’re working or unemployed. And they generally make life unpleasant when you owe them, or one of their clients, cash. But just because you owe a company money doesn’t mean they have
Learn How to Deal with Creditors and Get Out of Debt Forever Read More »
If you missed my interview on LX New York, I talked about how I paid off over $100,000 in credit card debt:
Zero Debt outlines 30 strategies I used to get out of debt, but here are a few highlights:
1) Put your debts in writing
Many people struggling with credit card debt have absolutely no idea exactly how much they owe. Instead they “guesstimate” about their total bills — and often they’re way off with their numbers. I made this mistake when I was in debt, and it allowed me to stay in denial (and in debt!) for far too long. It wasn’t until I took an honest about my predicament — by list all my bills in black and white, and putting everything in writing — that I got serious about knocking out the debt.
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