How to pay off credit card debt quickly
If you have the discipline and desire to free up money you usually spend each month on credit cards then pay attention. Paying the minimum balance will take years to pay off
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Instructions
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look at all of your interest rates on your credit cards choose the ones with the highest interest and call the 1-800 number on the card. Speak with a representative and ask to have your interest rate lowered. More than likely they will tell you something like you don't qualify or that's the lowest they can go.
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Politely ask to speak to their boss or someone else who may be able to help. Whoever gets on the phone next will probably turn you down next. That's when you use some ammunition. You have sitting in front of you the name of another card company that has zero percent interest for balance transfers and threaten to switch credit cards. Now the tables have changed and they will more than likely lower your cards interest.
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Do this step with all of your credit cards getting them all lowered with the same threats. You can even promise not to use a card if they lower the interest rate as well. With the interest rate lowered we can now execute our strategy.
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We will start with the credit card with the lowest balance and pay that off first. If we normally spend $500 dollars a month making $100 payments on five credit cards we will now pay the minimum payments on 4 cards and take the remainder of the money and use it to pay off card number one.
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Once we pay off the first card apply the same strategy to the second card with the next lowest payoff. If you do this you should pay off the cards more than 3 times as fast as you would if you had done nothing.
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You will have to remember to not be seduced into credit card shopping again. If you have to take your cards out of your wallet or purse due that.
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Tips & Warnings
If you are able to transfer some of your credit card balances to a card with zero percent interest for 6 months or so. Do it to help you pay off your balance faster.
