The holidays have come and gone, and for many, a cloud of credit card debit hangs overhead. However, you can pay off the debt quickly by utilizing the following strategies. The secret to paying off debt fast is to develop a plan and stick to it.
- Concentrate on one credit card at a time. Of course if you have multiple cards it’s important to pay at least the minimum on them, and concentrate on paying more on one card at a time. Make sure to check the interest of each card, and concentrate on paying the card with the highest interest first. Of course, you can also pay off the card with the smallest balance first.
- Always try to pay more than the minimum! Pay a bit extra each month. Every time you go over the minimum payment, the money will go toward the balance, which will lower the balance, and result in less interest being paid.
- If you feel as if you’re in a considerable amount of debt with multiple cards and bills piling up, consider consolidating your debt.
- Start categorizing and organizing your monthly spending. Look for areas where you can cut back on monthly spending, and use the money that you’ve freed up to apply to your debt.
If you find yourself completely overwhelmed with debt, consider seeking out a CPA in Hawaii. Visit Michael J. Yuda CPA, LLC today.