Credit Card Debt Problems

Paying off the card with the lowest balance first

Sometimes called “snowballing,” because the effect accumulates and helps you feel like you’re making a lot of progress in a relatively short amount of time. This is where you make all of your minimum payments but you make additional payments to the card with the lowest balance, helping you remove a creditor from your list of monthly payments as quickly as possible. The best way to continue after paying off the first card is to use the full amount of payments that you were making, but applying it to the card with the next lowest balance. This strategy helps you rapidly decrease the required minimum monthly payments for you to pay.

Seeking non profit credit card counseling to help you combine your minimum payments into one manageable payment

When your debts become extremely difficult to manage, or seem like they may take forever to pay off, you can try out a non profit credit card counseling agency to arrange a debt management plan that will help you by combining all of your credit card debts into one low monthly payment. The plan that a credit card counselor will set you up with will usually prevent you from accruing any additional debt, and will give you a definite time when your debts will be fully repaid. For an example of a non profit credit card counseling agency, check out Credability.org

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