Does this make $ense? Cook off your credit card debt phillyBurbs.com
In an environment where household debt has increased to an alarming rate, not a week goes by when I don't receive an inquiry as to how to get out of credit card debt.
With credit card interest rates routinely in the high teens or greater, part of everyone's plan should include minimizing this debt as quickly as possible.
There are many techniques available to accomplish this, including bill consolidation and home equity loans. Typically these types of loans require some type of collateral and the payoff is a lower interest rate and quicker payoff time. But what if you don't have the home equity or collateral to garner this type of loan?
I'd like to share with you a formula to make anyone credit card debt- free sooner than you think.
The process:
Let's assume a 10,000 credit card balance at 15% interest.
1. Decide over what time you would like to be debt-free. (Let's assume 24 months.)
2. Divide the balance by 24 (the number of months you have selected to be debt-free). In this case, that's $10,000 divided by 24. That gives you a monthly principal payment of $417.
Debt Management : How to Pay Off Credit Card Debt
There are a couple of ways to pay off credit card debt, including getting a consolidation loan, making more than the minimum payment and starting ...
