Pittsfield, MA -- (SBWire) -- 02/04/2013 --The following will offer some ideas to help accomplish this goal, including:
- Know the total debt
- Craft a weekly budget
- Cash out a savings account
- Get a second job
Know How Much is Owed
Before anything can be done about how to pay credit card debt, one must know exactly how much debt one has. Gather up every piece of documentation showing what is owed and to which creditor. Put the debt in a sensible order, such as from highest interest rate to lowest or least amount owed to most.
Devise a 7-Day Budget
It is much easier to manage a 7-day budget than a 30-day one. When figuring out how much one needs to repay credit card debt, remember that this is a week-to-week plan and act accordingly. For instance, if selling one’s gold jewelry garners $100, that’s $100 toward this week’s debt repayment. If, the following week, more jewelry is sold, that money goes to the next week’s payment, and so on.
Put a Savings Account to Work
One of the simplest answers to how to pay off your credit card debt is to cash out one’s savings. Most people feel that using one’s savings for anything other than “a rainy day” is anathema. However, if the savings account is making 3% interest and one’s debts are charging 10%, doesn’t it make sense to use the savings to eliminate the debt? If one is uncomfortable with the idea of using one’s entire savings, a portion of it will help with debt repayment. Remember, one can always rebuild the savings after the debt is totally paid off.
Take on a Weekend Job
Picking up a 15-20-hour-a-week job doing something one loves is a terrific solution to how to pay credit card debt. If one’s hobby is gardening, perhaps working at a nursery will be fun and lucrative. Perhaps one prefers to work in the service industry. If so, waiting tables is an excellent way to earn quick cash to help eradicate debt. Use the entire paycheck from the second job to pay off one debt each week, two if it’s a good paycheck, and soon, one will be debt free.
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How to Pay off Credit Card Debt Solution to Reduce Lower Interest Rates
The key to how to pay off credit card debt is to earn the money to do so. There are hundreds of ways to make a bit of cash; just be creative.