SASHA DUERR
Credit cards are a strategic tool to manage short-term debt. But spending plastic money is much easier than doling out cash, which means it’s also easy to find yourself in a deep hole of credit card debt.
advice
Choose a Repayment Plan and Stick with It
Two of the most popular debt repayment methods are the debt snowball and debt avalanche. With the debt snowball, you’ll focus on repaying debts starting with the lowest total amount due, whereas the avalanche focuses on your highest-interest debt first.
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There are two main ways to consolidate credit card debt: a credit card balance transfer or a debt consolidation loan.
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It may seem obvious, but one of the best ways to quickly pay off credit card debt is to cut your current spending. Try to stop using your credit cards and opt to use cash for purchases instead.
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Up Your Income
If you’ve already cut back on spending, another option to pay off credit card debt is increasing your income. That might mean asking for a raise at work or picking up a part-time job or a side hustle.
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WELL DONE!