Credit card debt can be scary and confusing to deal with on your own. We gathered some myths and facts about credit card debt to help you tackle your credit payments.
Once you stop adding to your balance, one of the best ways to pay off credit card debt is fairly simple: You’ll reduce your debt quicker if you pay more than the monthly minimum amount required by your credit card company. That’s because the minimum payment equals only a small fraction...
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MAP OUT YOUR CREDIT CARD DEBT AND MAKE A GAME PLANBefore you can focus on paying down your credit card debt, you need to know exactly what you're working with. Grab a piece of paper, your handy dandy Budget Planner, or open up a spreadsheet on your computer. Pull up all your credit...
You may have too much credit card debt if the following sounds familiar: You're only making minimum payments While occasional cash flow issues might force you to make one minimum payment here and there, a pattern hints at trouble. Christopher L. Stroup, certified financial planner and founder ...
Why has the FCA introduced rules about persistent debt? The FCA was concerned that some customers could end up having credit card debt over a long period, without making any significant contribution toward repaying the amount borrowed. This can happen, for example, where you only make minimum ...
Carrying credit card debt is getting more financially wasteful for consumers as the Federal Reserve jacks up interest rates in a bid to tame soaring inflation. The Fed recently hiked interest rates by 75 basis points, making borrowing more expensive. Credit card issuers are now expected to ...
Here are some situations when using a debit card has the advantage. Helping Control Spending With your debit card, you can only spend what you have in the bank. Using a debit card is a good idea if you're trying to build better buying and spending habits or to avoid racking up debt...
Lewis J. Altfest, acertified financial plannerin New York whose clients tend to be professionals with large incomes, says credit card debt often represents a risk. It can also be an early warning sign of trouble ahead. "Too frequently, [financial planners] see abusive use of credit leading t...
A financial planner shares an 8-step plan to paying off your credit-card debtNatalia Lusinski