How to Repay Your Credit Card Debt

1
How to Repay Your
Credit Card Debt
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3 Great Strategies for Credit Cardholders

• In the paragraphs below, we have enumerated
  strategies that you can use to gradually pay down
  your credit card charges for you to eventually
  free yourself from all forms of debt.

3
Pay off the balance on the cards that carry the
highest rates of interest.

• Do you think you pay way too much cash on your
  interest charges, especially because your
  guaranteed approval store credit cards carry high
  APRs? If you do then, theres a simple solution
  to your problem. That is, to pay first the
  balance on the credit card that imposes the
  highest interest rate.
• To do this, you need to review the rates of
  interest imposed on the lines of credit you
  currently have. Take out the fine print of your
  card programs and determine what the APR is for
  each credit card. Then, make a priority list as
  to which credit card you need to pay off first,
  based on their interest rates. In so doing, you
  can generate huge savings on the payments you
  make on interest charges. More importantly, you
  can allocate such savings to settle your other
  credit card bills, so that it will be easier for
  you to juggle your credit payments with your
  personal or household expenses.

4
Settle the charges on the line of credit that has
the lowest balance.

• You can also benefit from paying first the credit
  card that has the lowest balance and eventually
  moving your way up your list. This way, it will
  be easier for you to reduce the number of your
  open credit accounts. And you can concentrate
  your efforts to pay off your huge credit card
  bills, later on.
• The only downside to this strategy is that you
  might be incurring huge interest charges on your
  credit card balance. So, try to consider first
  the APR as well as the other charges that might
  apply to your card programs. Then, try to
  consider if this strategy will be suitable to
  your situation, before you decide to use it.

5
Come up with a new budget plan.

• Do you find it difficult to juggle your credit
  card bills with your personal or household
  expenses? If you do then, you might need to
  re-think your budget plan. After all, there could
  still be rooms for improvement with how you
  manage your personal finances.
• For instance, ask yourself these questions How
  much do I spend each month? Do I spend cash only
  on necessary and important commodities? How much
  of my salary goes to products and services that I
  can live without? Can I curb my spending habits
  to set aside more funds to cover my credit card
  bills?
• Keep in mind that the answers to these questions
  will help you draw up a new budget that will be
  in synch with your guaranteed approval store
  credit cards debt repayment plan. That way, it
  will be easier for you to pay off your credit
  card debts. And in time, you can reap the
  benefits of having a good credit standing.