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Are you in credit card debt? Do you want to pay off your credit card faster?
Credit cardscards are convenience to have but when it comes to paying them off, they are not so convenience.Credit cards incur high interest charges which i personally think are unfair. But how do you reduce your credit balance faster.
Here are some ways of reducing a credit card debt faster
Make the maximum and not minimum payment
Each month when you receive your credit card statement your credit card provider ask that you pay the minimum payment. If you calculate this minimum payment you will see that it’s mostly made up of interest on your credit for that month. If you pay the minimum payment you will only be paying the interest and you will not be reducing your credit card balance. Credit card providers ask that you to pay the minimum payment because they want you to continue paying the interest and not your credit card balance. In other words they are happy for you to continue to be in debt as long as you pay your interest each month even if it takes years and years. Stop paying the minimum payment! Instead pay more and clear your credit card even faster. Try to make maximum payments you can afford rather than the minimum payments requsted by your credit card provider.
Make payments as soon as you receive your statement.
Interest on credit cards is calculated based on the average daily balance on your account for the whole month. By making a payment as soon as you receive your statement you will be reducing that average balance of your credit card account as well as, reducing the charges on your credit card. Paying your credit card at the end of the month or just a few days before the due date will not help you clear your credit card faster. Make it a priority to pay as early as you receive your credit card statement.
Look for other source of income.
Clearing a credit card debt can be difficult at times when you are on a tight budget. Why not find some other source of income and put that extra money toward paying your credit card debt? There are manyways of getting an extra income some of ways are listedhere.Getting an extra income will help you clear your credit card balance faster than you ever imagined.
Have you reduced your credit card debt faster? Are you struggle to clear your credit card? Share your thoughts on this post in the comments.
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The following guest post was contributed by Daphne Williams