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
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Last update: Sunday, July 27, 2008
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