Pittsfield, MA -- (SBWIRE) -- 04/17/2013 -- Tally Up the Debt
Before anyone can begin paying off credit card debt, he’s got to know exactly how much he owes and to which creditor. He should then contact the creditors to find out if they are willing to create a reasonable repayment plan. Ask if the interest rate on the debt can be lowered, or if more time can be allowed to pay it off. Talking to the creditors encourages goodwill and an increased likelihood of cooperation.

Put Debt in Order
Many folks get right to paying off credit card debt fast. One way to do it is to prioritize it from most money owed to least. If Visa is owed $350 and Discover is owed $1,500, which should be paid off first? Eliminating the Discover card debt will make a person feel like he’s accomplished something and that if he can pay off that debt, he can pay off a lower balance due debt.

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Snowball the Debt
In a program to help with paying off credit card debt, Dave Ramsey devised the “debt snowball” approach. His idea is that, unless someone owes the IRS a great deal or his home is being threatened by foreclosure, he should eradicate debt going from the least amount owed to the most. Ramsey says that once the first small debt is gone, it gets people fired up to pay the next one, and so on, until all of his debt is paid off. That’s the “snowball” effect – the rolling of one small debt into the next largest, until all of it is gone.

Share the Savings
Using a portion of one’s savings for paying off credit card debt is a great idea. While many people are reluctant to dive into their savings for anything, let alone debt repayment, it makes sense to do so. No one has to apply all of their savings to eliminating debt; just some of it will help. Use whatever fraction of the money in the savings account feels comfortable to get rid of debt and let the rest of it earn interest.

About Credit-Yogi
Credit-yogi.com is a financially confused individual’s friend website located in Pitts field, Massachusetts. It helps the person connect with fiscal experts who can provide him with excellent monetary advice. There is never a charge for this service, and the website is available 24 hours a day, 7 days a week. For a no-cost conference, dial 866-964-9644.