Smarter Ways To Payoff Credit Card Debt

By Author: Best Debt Care
Total Articles: 207
Comment this article

With the new provisions of the Credit Card Accountability, Responsibility & disclosure Act 2009, most of the Americans still struggle to pay credit card debt. Most of them have only one question in their mind, and that is how to deal with the burden of debt and ways to pay credit card debt. Though it may sound unrealistic, but paying off credit card debt is not an impossible task. There are better, smarter and faster ways to payoff credit card debt.

Dragging your finances is never the right way to approach debts. This would only drain your wallet and end in reducing your financial options. The credit score of the individual is also hampered when one lingers long with the credit balances which might even prevent one from achieving other vital goals and dreams, such as buying a home.

Whatsoever your financial goals and dreams are, your first priority should be in paying off those high-interest credit card debts. Few pay-down tips and strategies are mentioned on how to go about it.

1. ...
... Credit can never compensate for cash: Always keep in mind that the card issuing companies are profit based organizations. The best thing for you to embark upon would be the “Cash is King" policy, as this could go a long way in preventing your dependency on credit.

2. Discontinue your card usage: The best thing would be to freeze them in the freezer tray!

3. Keep a track of your balance due: It is always better to keep a track on your spending and.

4. Payment method: Each month look at your balance and pay off fifty percent of the dues. Within the next 6-7 months you would owe much less.

5. Analyze on your spending & find that extra cash to pay off your debts: This would be like having some passive income, part time or freelancer work etc.

6. Prevent spending on unnecessary items: Stop buying books/DVD or CD's, instead lend them from your local library. Stop purchasing sandwiches, try making them at home.

7. Save more: Start with the saving habit, because as it well know that a penny saved is a penny earned.

8. Try consolidating your debts: By this you would have to make only a single monthly payment with a single interest rate charged on you.

9. Make use of debt calculators: There are many free debt or credit card debt calculators available on sites. Try using them to analyze & plan a budget for yourself.

Thus a systematic and methodical approach with the right frame of mind would let you free from the vicious circle of debts.

Just a wishful thought would never make debt go away from you lives. But you can obviously pay it off by your determination and our debt-fighting resources. To know more visit www.bestdebtcare.com