October 13, 2006, Newsletter Issue #35: 3 Ways to Eliminate Credit Card Debt

Tip of the Week

Make Double Payments Once people realize that their minimum monthly payment on their credit card does not include any payment towards their principal, they see why they can never seem to eliminate their credit card debt. A good way to counter this is to make double payments each month of the minimum payment. The very least you should do to eliminate credit card debt is to pay at least as much principal as you do interest each month. A double payment will do just that for you. Consolidation A common way to eliminate credit card debt is through consolidation. Whether you use a new credit card or another means of borrowing the finds, consolidation can help you get a better grip on all of your debt payments as one. When you have a single payment, it is not only easier to manage, but also easier to make extra payments because most consolidated credit card debt will now have a lower interest rate. Stop Using Your Cards If you are trying each month to chip into your credit card debt but cant seem to get anywhere, I may know why. You may even be making extra payments each month and you still cant make a dent. Chances are you are still actually using the card. This is the problem. If you were able to spend more on your payments than you spend with your card than you wouldn't be in this tight spot now, right? So why are you still using the card? Cut it up and work on the cash in your pocket and bank accounts until you have fully been able to eliminate credit card debt.

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