Here are five ways to pay off credit card debt

Anyone with credit card debt will now be paying more in interest. Check out these five ways to reduce those high-interest numbers.

SAN ANTONIO — The best action you can take to save money is to pay off that credit card debt as interest rates rise. Doing so can save you thousands.

“Rates are already as high as we’ve seen them in at least a decade, probably longer, and they’re only going to get higher,” said Matt Schulz, the senior credit analyst at LendingTree.

Paying off debt is not an easy feat, especially when money is tight. There is going to be some pain involved in bringing that debt down, but these five strategies can help:

1. Pay more than the minimum

Find the extra money by doing this:

“That doesn’t necessarily mean just having a second job. It could be a side hustle,” said Karl Eggerss, a financial planner at Captrust in Boerne. “It could be selling some unused items that you have sitting around.”

2. Negotiate a lower interest rate

Even taking off a few percentage points is going to save you major money in the long run. The trick is you need to call and ask your credit card to lower your interest rate.

“About 70% of people we asked in a LendingTree survey earlier this year who had asked for a lower interest rate on their card got one,” Schulz said. “So many people don’t realize that you can pick up the phone and call your credit card issuer and ask for a lower interest rate.”

Read complete post here:
Source link