Strategies to eliminate credit card debt: In this episode of Ask The Hammer, the Jeffrey Levine reviews several strategies to eliminate credit card debt: Pay more than the minimum payment -Paying only the minimum payment on your credit card each month will result in paying more in interest over time and it will take longer to pay off your debt. Try to pay as much as you can above the minimum payment each month to reduce the amount of interest you pay and pay off your debt more quickly. Use The Debt Avalanche Method – The debt avalanche method involves paying off your debts with the highest interest rates first, while making the minimum payment on your other debts. This will save you money on interest in the long run and help you pay off your debts more quickly. Consider A Balance Transfer – If you have credit card debt with a high interest rate, you may be able to save money on interest by transferring your balance to a credit card with a lower interest rate. Just be sure to read the fine print and understand any fees associated with the balance transfer. Cut Expenses – Look for ways to cut expenses in your budget so you can free up more money to put towards paying off your debt. This may involve cutting out unnecessary expenses, such as eating out or subscription services, or negotiating lower rates for bills such as rent or car insurance. Seek Help – If you are struggling to pay off your credit card debt and are feeling overwhelmed, consider seeking help from a financial planner or a credit counseling agency. They can help you create a budget and a plan to pay off your debts. Catch all of the Ask The Hammer episodes at this link: https://www.finstream.tv/videos/ask-the-hammer/
Featuring: Jeffrey Levine