Paying Twice The Minimum With Your Credit Card Debts
If you have a number of credit cards, you are certainly aware that keeping the balance
unpaid from One month to the next, will result in making you pay more until your financial future looks difficult.
For some unfortunate cardholders, the situation seems impossible. Getting out of the credit card debt trap is much more doable if you go about it immediately.
The first thing you should do is make a decision for yourself. Come to a point that you truly are in need to get out of this mess and will face it no matter how hard it may seem.
Once you have collected yourself and set your focus to being debt-free, commit to have the determination needed to get out of this problem.
The next thing you should do is to get rid of all of your open credit card accounts. This avoids all the temptation to use them.
Using these cards means more debt. Cut up the cards for now or put them somewhere where you cannot access them easily.
Here is the most critical part of our plan. The move which created this mess is developing the habit of paying the minimum amount only each month. It may be affordable up front but it actually will cost you more money in the long term.
As simple, easy to follow advice, pay at least twice the minimum payment due on each month. Pay more if your budget will allow. This technique eliminates the interest added each month on your bills.
Credit card lenders will only gain profit from interest and other hidden fees they charge. So you have to truly work at those balances by making larger payments each time. You may not observe any difference at first but with several consecutive and on-time payments of twice the minimum or more, you will begin to notice those balances reducing to a manageable amount.
Make sure only that don't get a new card until they are fully paid and you have disciplined yourself to make good use of your next credit card.
It would seem painful to get into the habit of making only the minimum payment every time. Since you will mind of only a low amount, it can free up some cash flow for your other expenses.
Regrettably, paying the minimum is not that easy and can be a very costly method of managing your finances in the long run. Even with just a low balance, the interests with your debts will likely to grow and will likely take over a decade to repay.
So pay your dues twice the minimum or more and follow this until you have paid the whole balance.
Simple persistence on this plan, can make you debt free and teach you that you never want to do this again.
by: Paul Easton
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