MU Extension MU Extension       University of Missouri    ●    Columbia    ●    Kansas City       Rolla     ●    St. Louis

MissouriFamilies.org - Money Matters - Consumer Action

 

Finance Quick Answers

 

 

I have so much credit card debt. What can I do?


All too often those little plastic cards we carry around in our wallets take the ease of purchase that they provide and create a burden known as debt. Following the holiday season, especially, you may find yourself knee high in bills from creditors. Taking care while using credit cards can reduce debt and, in return, stress. However, if you end up with several credit card bills and just don’t know how you’re going to pay them off, you may wish to take these steps:
 

Lower the overall interest rate if possible. To do this, see if any of the cards offer a lower rate for transfers from other cards. If so, consolidate all cards into one. If none of the cards offers an acceptable rate, pay off the card with the highest interest rate first. This will allow you to make a steady climb out of debt. In the meantime, leave those credit cards at home and make sure the only additional charges are for real emergencies.
 

 

Resource: "Leave Cards at Home, Cut Debt," Rodney Loesch, December 20, 1998

 

 

 

Written by:
Sandra McKinnon, Consumer & Family Economics Specialist, University of Missouri Extension

Cynthia E. Crawford, Ph.D., Consumer & Family Economics Specialist, University of Missouri Extension

 

 

 

 

 

 

 

 

 

 

 

Can't Find Your Question Here? Try Searching Our Quick Answer Knowledge Base

Last update: Sunday, July 27, 2008

 

 

 


 
University of Missouri logo links to http://extension.missouri.edu

Site Administrator:
mofamweb@missouri.edu 
Copyright  ADA  Equal Opportunity


MissouriFamilies is produced by the College of Human Environmental Sciences,
Extension Division, University of Missouri-Columbia