In What Manner You Pay Off your Credit Card Debt Quickly?

In What Manner You Pay Off your Credit Card Debt Quickly?

If you are already in devastating debt it is time you follow the below listed steps to get out of distress
1.Stop using your cards
Setup a financial plan and stop using your credit cards. Control your spending and plan your budget in such a manner that you still have sufficient to make monthly payments till your debt is paid.
2.Pay off the highest debt first
Generally, in such a situation many people try and pay off their lowest debt first, but it is good to pay off the highest one as the interest will keep on cumulating which over a period will become very huge.
3.Change your loans to EMIs
If you feel you cannot pay off your debts in a single payment, ask your credit provider to change the credit card dues into EMIs. The banks will charge a 2%-3% and a processing fee of 1%-2%. Do read the terms and conditions prior converting your loans to EMIs
4.Transfer the loans
If you have multiple cards try and spread the debt uniformly or to a card with lower interest rates to make your payments a slight cooler.
5.Don’t close the cards after payment
Do not close the credit card after you pay off your debt. This is because of the higher the credit history the more the credit score. It also affects your credit utilization ratio as with no credit card your credit utilization ratio becomes zero. This will affect you later.

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