Have you been paying your credit card bills every month without ever having to worry about paying off that minimum balance? Are those bills stacking up and are you wondering what to do to get your debt down a little bit? If so, read this article. It will teach you how to start managing your finances better. And by managing it better, we mean getting rid of the minimum balance every month!
The first thing that you need to understand is that your credit card companies are not giving you a break. They are counting on you being able to pay that minimum balance every month. In fact, many of them encourage you to maintain that minimum balance because it gives them a little bit of money. They don't like you are paying more than you owe.
Here's the secret. Pay off your credit card balances once a month. You'll be amazed at how quickly that goes away. And you can keep track of your progress with the online calculator at the website of any of the leading credit card providers. You'll also be very encouraged to actually use your cards once a month. This will help you pay them off faster, so that you'll get to enjoy lower interest rates as well as a better overall debt to income ratio.
Once you've paid your minimum balance on all of your cards every month, you'll then want to increase your minimum balance. Many people only manage to pay their minimum balance every month for a few months. That means that their card is almost completely paid off. So, what should you do? Keep paying more!
When your credit card provider sends you a notice that your balance has reached a certain amount, you'll want to send them a monthly payment. This will show them that you're serious about paying off your debt. They'll most likely be more willing to work with you now that they know that you're serious about getting rid of this problem. If you don't have a credit card, you can still use a prepaid credit card to make your payments.
The key to credit card management is making sure that you never go over the amount that you have charged to your card. You'll be glad that you learned these tips, because you could end up in a financial disaster if you fall behind. It's easy to let yourself fall into the trap of buying things that you shouldn't. If you just buy now and wait, you'll be sorry later. So, be responsible. You'll be thankful that you took action.
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