Use a Credit Card Payoff Calculator
Determine the minimum monthly payment to pay off your credit card in the desired number of months, or determine how many months it will take to pay off a card at a set payment of your choice.
Steps
- Find a credit card payoff calculator that will allow you to enter in your balance and Reduce Credit Card Interest Rate After Universal Review. See external links for a sample calculator
- Enter the amount of money you can afford to pay down each month (the maximum you can, skip the movies this week and use the money you save to up your payment!)
- Alternatively you can enter your goal of when you want to be debt free.
Tips
- Do not use another credit card to purchase while paying this one off. Use only cash. If you do not have the actual cash, do not make the purchase.
- Cut up credit cards as necessary.
- Put the credit card in a drawer and do not use this card while you are in the process of paying it off.
- Learn to only charge the amount you can actually pay when the bill arrives.
- Think of a credit card as cash. If you do not have the cash to spend, do not buy.
- Discipline yourself to spend money on necessities only.
- Pay off your highest credit cards first
Warnings
- Beware of prematurely closing accounts, it may hurt your credit rating. When in doubt, consult a financial advisor.
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