Getting Credit Card Debt in Check

Spring Clean Your Finances: Getting Credit Card Debt in Check

You’re ready to get your house in order with spring cleaning, but are your finances in order as well? Maybe it’s time for a check in on your finances and some financial spring cleaning. One of the best ways to do this is to take control of credit card debt. The task of evaluating and then cleaning up your credit card debt can be a pain-free (well, almost!) process that will not only improve your credit score, but will also give you a sense of financial relief. Let the financial cleaning begin by following these four steps.

1. Calculate all of your credit card balances and their interest rates to understand where to start. To make this easier to manage, take a look at our free debt calculator.
2. Next, take a look at your spending habits and create a budget that includes your monthly credit card payments. The goal is to understand your spending habits and look at ways to reduce unnecessary spending (this extra money can be put toward paying off your credit card debt). Use this tool to easily calculate this information.
3. To see results quicker, a good rule of thumb is to pay the credit card with the highest interest rate off first. Aim to pay double the minimum payment each month.
4. To stay in control of your finances, read How to be Creditwise and More Ways to be Creditwise for great credit savvy tips.

Make it a priority to complete step #1 by the end of this week. Seeing your credit card debt on paper will be great encouragement to get started on the next step. If you have a tip for managing and eliminating credit card debt, then please share your advice. Check back next week for great tips on planning your retirement!