Ways to Reduce Credit Card Debt

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Ways To Reduce Credit Card Debt

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Stop the vicious cycle

Eliminate access to the credit Cut the cards Close the accounts

Budget and Track spending

Track your spending habits Monitor your budget Review and revise accordingly

Rainy-Day Fund

Also called emergency fund Save at least $1000.00 as a start-up

emergency fund A fully funded emergency fund is 3-6

months worth of your household expenses

Action Plan

Plan before you spend Figure out which purchase are priority

Negotiate the Interest Rate

Contact your lender Most companies are willing to review your

accounts Inquire if they have financial hardship

programs which usually involve modifying your interest rates.

Accountability

Follow the budget Modify as your life circumstances change Involve family or friends or a support

group to keep you accountable

Get out of Debt Strategy

Behavior problems requires a behaviorial solution.

Arrange your debts smallest to largest Disregard interest payments Make only minimum payments and any

leftover money goes to the smallest debt. Continue the same process until all debts

are paid

Action Steps

1. Create a budget

2. Setup an emergency fund

3. Start the debt-snow ball

Ways to Reduce Credit Card Debt

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