• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

  • BUY

    • Search for Homes
    • Mortgage Calculators
    • NJ School Report Card
    • Short Sales
    • Should I Buy an Investment or Rental Property?
  • SELL

    • 1031 Exchange
    • NJ Real Estate Transfer Tax
    • What is Your Home Worth
  • Vacation
    Rentals
    • Guest Services
    • Payments and Policy
  • Market
    Reports
    • Atlantic County Market Report
      • Longport, Margate and Ventnor Market Report
    • Camden County Market Report
    • Cape May County Market Report
      • Avalon/Stone Harbor Market Report
      • Cape May Market Report
      • Sea Isle City Market Report
      • Wildwood Market Report
    • Cumberland County Market Report
    • Gloucester County Market Report
  • Core
    Services
    • Mortgage
    • Title
    • Insurance
  • Meet
    Mav & Co.
  • Contact
    Us

Reducing Credit Card Debt: 6 Ways

February 2, 2018 By The Mav Team

Like many Americans, you may be looking for a way to bring down your credit card debt. To help, the National Association of Personal Financial Advisors (NAPFA) offers the following six tips.

Pause some spending. Identify any automated payments that can be eliminated or temporarily paused while you’re paying off debt. Consider delaying or reducing large annual expenses, such as vacations or holiday spending, for one year. These temporary changes can help you pay off debt faster.

Reduce your interest rates. Take an inventory of all your credit cards, including the interest rates and minimum payments. Next, call your credit card companies to ask if they will waive any late payments or reduce your interest rate.

Eliminate your most expensive card first. Pay the monthly minimum on each card to avoid fees. Apply any left-over money to the highest interest-rate card first. Once this card is paid off, take the amount you were paying and apply it to the card with the second highest interest rate while continuing to make minimum payments on all other cards. Repeat until you have paid off all your credit cards.

Create a written budget . A written budget will help you stay out of debt in the future. Allocate some of your spending to an emergency fund so that you are prepared if a job loss or health crisis arises. Check in with your budget each month.

Set financial goals and focus on the long-term. What is most important to you? Do you want to save for a home or go back to school? Articulate your goals so you’re more driven to reach them. The changes you make in the short term are temporary and purposeful and will help you reach future goals.

Toast yourself. Being debt free is an important milestone that is worth sharing and celebrating. Create a memory – a visit with a friend or a social media post – that you can recall when you are tempted to overspend again in the future.

Source: National Association of Personal Financial Advisors (NAPFA)

Primary Sidebar

Current Interest Rates

Powered by NJ Mortgage Rates

What is Your Home Worth in Today's Market? Find Out!

We are Short Sale Professionals! Whether you are looking to buy or sell a home short sale, contact us!

Michael Mavromates - Certified Short Sale Agent

Have a Question? Contact Us Now!


Sorry we are experiencing system issues. Please try again.

From the Blog

  • Reduce Energy Reliance with Home Upgrades
  • Safety Tips for Outdoor Power Equipment
  • When it Comes to Homeownership Decisions, Pets Rule

Footer

Connect with Us

  • Facebook
  • Google+
  • LinkedIn
  • Pinterest
  • Twitter
  • YouTube

Contact Us

  • Name
  • Email
  • How May We Help You?
  • Buy
  • Sell
  • Vacation Rentals

Copyright © 2021 Michael Mavromates · Long & Foster Real Estate, Inc · Avalon, NJ · Homes and Real Estate

Michael Mavromates - Mav & Co.| Licensed NJ Realtor® | mmavromates@comcast.net | Cell: 609-408-7804
Long & Foster Real Estate, Inc | 2997 Dune Dr - Avalon, NJ 08202 | Office: 609-967-3001
All information provided is deemed reliable but is not guaranteed and should be independently verified.
Equal Housing Opportunity Disclosures Privacy Policy

website by marketme