Paying Off Credit Cards

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If you are serious about paying off your credit card and have the extra money in your budget, I have found this simple solution very helpful and effective but you have to be serious about paying them off and stay on track.


I have 2 credit cards in my name only. I did this because I wanted my own credit score to go up and stay up. I have decided I wanted to pay them off in 18 months. I simply check the box that has your credit card payoff amounts in it. Usually there is one that says by paying the minimum, you can pay such and such amount every month. The next box gives you the option to pay it off in 3 years. I take the 3 year amount and divide it by 2 and then add the amount back into it and that is the amount I need to pay every month for 18 months.

To clarify: say I have the option of paying the minimum with $20.00 every month for 29 years. The 3 year payoff is $102.00. Divide the $102 in half and it gives you $51.00. Now add back on the 102.00 and you get $153.00. If you stick with this plan and don't use the credit card for the entire 18 months you are completely debt free.


Should an emergency arise and you have to use the credit card then try this: Say the amount you added to it was $40.00. Take the $153.00 and add the $40.00 back in and you have $193.00 that needs to be paid off from your emergency. This way you can stay on schedule and pay the complete debt off in 18 months. You have to be very sincere in your quest for being debt free in order for this to work. And in the end you will feel so much better knowing you do not owe anything to anyone and your credit score has just popped up some extra points.

Good luck to you.

By gem from Gordonsville, VA

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October 14, 20120 found this helpful

I made a vow when we first married at 18 and 19, to never pay interest on a credit card. I never have! When we were newly married my limit was 30.00 a month. If I had to buy anything after that I wrote a check.


We have never made much money but every month whatever we have left is put in the bank. We recently changed from using banks to a credit union. They pay better interest than the bank does and less fees..


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