Friday, 17 June 2016


1. Establish a budget. scrutinize your own income to see where you can cut cost. remember “If you don't scale back your spending, you'll dig yourself into a deeper hole,” Bakke warns. 

2. pay off the most expensive debt first.By paying off the balance with the highest interest first, you increase your payment on the credit card with the highest annual percentage rate while continuing to make the minimum payment on the rest of your credit cards,

3.Pay more than the minimum balance.Paying the minimum – usually 2 to 3 percent of the outstanding balance – only prolongs a debt payoff strategy.

4.Take advantage of balance transfers.You’ll need to pay off the debt before the balance transfer expires, or else you’re often hit with a much higher interest rate.If you do it carefully, you can save hundreds on interest this way.

5.Halt your credit card spending.Remove all credit cards from your wallet, and leave them at home when you go shopping.

6.Put work bonuses toward debt. It’s more important to fix your financial situation than own the latest designer bag.

7.Delete credit card information from online stores.If you do a lot of online shopping at one retailer, you may have stored your credit card information on the site to make the checkout process easier. 

8.Sell unwanted gifts and household items.Any profits from sales should go toward your debt. 

9.change your habits.Your daily habits and routines are the reason you got into this mess.

10.You won’t pay down your debt any faster if you view it as a form of punishment. 

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