The Best Way to Pay Off Your Credit Cards with Money Expert Galit Tsadik

A report from the Federal Reserve found that Americans have roughly $1.08 trillion in revolving debt – credit cards included.
By: Whitegate PR INC
 
QUEENS, N.Y. - June 4, 2020 - PRLog -- Are your credit card balances keeping you up at night? All you need is a solid plan,some dedication and discipline so that you can successfully work toward freeing your mind of financial stress.

Make a list of all your credit cards, their interest rates, balance and minimum payments. Now ask yourself, how important are quick wins to your motivation? Be honest with yourself. Then you have two options:

1: Get the best bang for your buck with debt avalanche method.
Sort your credit cards from highest interest rate to lowest interest rate and pay off the high interest rate cards first. Pay the minimum payments on all of your cards and any extra money you have should go towards paying off the highest interest card. Once you've paid that off, move down the list and focus on paying off the next highest interest rate card. Keep going until you are debt free.

2: Celebrate quicker wins by using the debt snowball method.
Sort your credit cards from smallest balance to largest balance, regardless of interest rates, and pay off the card with the smallest balance first. To do this, pay the minimum payments on all of your cards and any extra money you have should go towards paying off the card with the smallest balance. Once you've paid that off, celebrate your win (in a free way), move down the list and focus on paying off the next smallest balance card. Keep going until you are debt free.

Both options will get you to where you want to go as long as you stick to the plan. You know yourself best – choose the one that fits your personality and get started!

If you want to reduce your interest payments to help you get debt free faster, find a new card that will allow you to do a balance transfer from a high interest rate card on to a low interest rate card. Don't forget about cards that have an interest free introductory period and make sure to read the fine print and see if there are any balance transfer fees.

Galit says, "You know yourself best. Choose the payoff method that best suits you and fits your personality and get started on the road to debt-free living!"

Galit Tsadik is the founder & SHE.E.O. of FINancialSharktress, as well as her namesake company, Tsadik G. Management and a respected money expert. Learn more at: https://financialsharktress.com/.

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Tags:Credit Cards
Industry:Consumer
Location:Queens - New York - United States
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