Paying Off Debt Quickly | Credit & Budget Solutions

GET OUT OF DEBT – HOW TO LOWER CREDIT CARD DEBT QUICKLY

by Jordan Nicckels under Paying Off Debt

Paying ONLY the minimum payment on your credit card will surely
keep you owing to that credit company for what will seem like
forever. A smarter way to lower credit card debt is to make
payments weekly instead of monthly.

A recommendation to consider is to set up an automatic payment
schedule with your bank where a set weekly amount will be paid
to the credit card bill that is owed. This will help to reduce
your credit card debt where you carry a balance each month.

Interest that accrues on your unpaid credit card balance adds up
daily so it only makes sense to Not just pay your balance on a
monthly basis. By lowering your balance weekly instead of
monthly, you are lowering the total balance; therefore, less
interest is being accumulated on the total debt owing. The key
here is to reduce the balance you are carrying the fastest way
possible but not placing extra financial burden on your pocket
book.

Try this out for yourself. If you would usually pay $200 each
month on a specific credit card bill, change that payment to
$50 per week. Continue to make just the minimum payment to
another card that you are paying off. The interest charges on
the card being paid weekly will definitely start to be lower.

Remember – the above change in how you pay off debt is Not going to cost you any more money each month.

It is just a smarter way to lower credit card debt.

Paying off credit card debt weekly instead of monthly – it is a first step solution to your brighter financial future!

About the author:

Author: Jordan Nicckels

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4 Comments for this entry

Steve
May 28th, 2010 on 12:57 am
This is such an important topic, I wish more people would write about it, not just spamming other people’s ideas. Researched content is hard to find on the Internet these days.
Bruce
May 21st, 2010 on 5:09 pm
This is such an important topic, I wish more people would write about it, not just spamming other people’s ideas. Researched content is hard to find on the Internet these days.
Atlanta Money Expert
January 30th, 2010 on 8:52 pm
This is such an important topic, I wish more people would write about it, not just spamming other people’s ideas. Researched content is hard to find on the Internet these days.
Andrew Pelt
November 27th, 2009 on 3:00 pm
I had debt troubles for a lot of years. It was a terrible feeling to have that constant constant worry day in and day out. Those that are stressed really need to button down and do away with all excess spending to get out of their debt problems. It is worth it to feel much better.