Credit card interest rates are at an all-time high. . How do you get out of Debt?
With inflation eating at your budget and credit card interest rates rising to over 30% it is getting hard to pay off your credit card debt. There are 2 important steps to reducing and eventually eliminating the debt. First stop putting anything on the credit card as the interest starts the day you make the purchase. This also means that a small portion of that minimum payment will go to paying down the debt. The second step is to pay something even $5 every time you get paid. Don’t wait until the due date to make a payment as you are charged interest daily. The last and possibly most helpful step is to make a budget or relook at your budget to see where you can find any savings. You may be pleasantly surprised how the $15 a week you save by switching from weekly delivery pizza to frozen pizza starts adding up and reducing your debt For a better understanding of budgeting check out one of our books on Financial Independence
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