- Parent Category: Videos
- Published on Wednesday, 25 June 2014 13:10
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(Video) How to Shave Your Credit Card Debt
Building credit and shaving credit card debt don't have overnight. But here's a great plan to get you started.
Find out if you have the cheapest credit card. Read "Safely Navigating Credit Card Land."
Stop charging to your credit card with the highest interest rate. Then start paying that card down faster than your other cards. When you've paid it off, start paying down your card with the next highest rate.
Using your debit card—or cash!—for repetitive and minor purchases. But make sure you don't overdraw your debit card.
If your credit is good already, consider asking for a credit increase. But only do this if you're sure your credit is very good. If you do get an increase, DON'T USE IT!
Use your credit card—not your debit card—for online purchases. Debit cards generally don't protect you if you have a problem with online purchases.
Never be a day late or a dollar over your limit! Talk about an easy—and effective tip!
Start banking online—and check your credit card activity regularly. And don't forget to look closely and the mega-bucks you're throwing away on interest payments each month?
Other helpful tips: