Paying Down Credit Card Debt

JUL 16, 2014

Virginia Sullivan, VP, Consumer Education

Jul 16, 2014

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The Right Strategy for Paying Down Credit Card Debt

In this video, Virginia Sullivan of Bills.com, gives you four tips for paying down your credit card debt. For more information please explore our Bills.com website, where we offer great articles, informative videos, and interactive tools to help you find, learn, and save. To see how you can eliminate credit card debt CLICK HERE.

Video Transcription;

"Hi, I am Virginia Sullivan, head of consumer education at Bills.com and I would like to talk to you today about getting your credit card balances paid off. You know we get a lot of inquiries at Bills.com from people who are really trying to get their credit card balances paid off, so we have put together these tips for you and we hope they help,

Stop using your credit cards, you know most people say that they get a credit card for emergency but then they purchase things and that’s what really builds up the balance. So, really try to use your credit cards only for emergencies, and if you want something for convenience get a debit card, that amount of money comes directly out of your checking account and doesn’t build up a balance for you, so it is a better option for convenience.

Really commit yourself to paying off those credit card balances. Look in your budget and see if there’s any luxuries that you can do without until you have them paid off and if you get any wind falls like a birthday presents or tax returns, putting those towards your balances will really accelerate your ability to pay them off.

Pay attention to your credit card statements. Be sure that all of the charges that you have made are charges that you actually did make. Make sure there are no renewals, things you didn’t want to have, be sure that you are really being charged properly and then the other thing you want to pay attention to is the interest rate that you are being charged, which is always shown, and also how long will that take for you to pay off that credit card if you make the minimum payments.

Be systematic about it, make sure that you are paying your bill every month on time and not getting any late charges. Be sure to pay the minimum payment for each credit card every month and then if you have any extra, pay it to the card that has the highest interest rate, once that’s paid off move to the next highest interest rate. Approach things in a systematic way until you have those balances paid. So, we hope these tips helped you today and visit us at Bills.com. We help people make better financial decisions every day."

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