Ideas to control of credit card debt: for better credit scores

credit cardPeople ignore how much they’re throwing away in credit card interest and how long it actually takes to pay off its debt. But pledging to yourself to get out of debt, you can save much money over time, but just as important, you will see your credit scores increased for even lower interest rates.

Know what you are spending
Creating and sticking to a budget takes discipline, but it’s the best way to watch what you’re spending and still set something aside for savings.

Consolidate balances to lower interest rate cards
Transfer your high-interest rate debt to a low-rate card. Look for low rates on the life of a balance transfer so you don’t have to worry about playing the transfer game every year. Always cut up the other cards and close the accounts. Try to live off of one card only.

Stop piling on more debt
Avoid charging more than you can pay off each month. Put the cards away if you must, but set your limits regardless.

Save if you can for a rainy day
You should at have an emergency fund to cover at least three months of basic living expenses. You should also try to save and pay off your debt at the same time. By having cash on hand to pay for emergencies, such as car repairs or a job layoff, you’ll be less likely to go further into debt.

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