How long will it take to pay off my credit card debt if I’m only making minimum payments?
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October 23, 2018Credit Card Debt Tips
It’s easy to fall into the credit card trap. A dinner here, new purse there… before you know it, you’ve racked up hundreds, maybe thousands of dollars onto your credit card. Here are some tips to avoid credit card issues.
- Avoid getting a credit card altogether. Simple – just don’t get one
- Pay off the monthly balance in full each month. This will avoid having to pay the minimum payment that includes interest.
- Sign up for automatic payment from your bank account. Keeping track of payments is a must going this route to ensure funds are available.
- Avoid cash advances. Interest charges will apply and you want to avoid adding interest to the principal loan.
- Always check your monthly statement to ensure it is accurate.
- Check your credit report each year. This report will reflect your financial history and stability. It is like a report card showing how you are doing financially. Banks will check a credit report before loaning funds. It is a good idea to be responsible with personal finances from the start so when the time eventually comes to request a car loan or mortgage, you are in good shape from the banks perspective.
If you are in debt, see some of our personal debt relief services.