Ways to reduced credit card debt

reduce credit card debt, get out of debt

Transcript

1. www.lifethenfinance.com 1 Ways To Reduce Credit Card Debt www.lifethenfinance.com
3. 3 www.lifethenfinance.com Stop the vicious cycle n  Eliminate access to the credit n  Cut the cards n  Close the accounts
4. 4 www.lifethenfinance.com Budget and Track spending n  Track your spending habits n  Monitor your budget n  Review and revise accordingly
5. 5 www.lifethenfinance.com Rainy-Day Fund n  Also called emergency fund n  Save at least $1000.00 as a start-up emergency fund n  A fully funded emergency fund is 3-6 months worth of your household expenses
6. 6 www.lifethenfinance.com Action Plan n  Plan before you spend n  Figure out which purchase are priority
7. 7 www.lifethenfinance.com Negotiate the Interest Rate n  Contact your lender n  Most companies are willing to review your accounts n  Inquire if they have financial hardship programs which usually involve modifying your interest rates.
8. 8 www.lifethenfinance.com Accountability n  Follow the budget n  Modify as your life circumstances change n  Involve family or friends or a support group to keep you accountable
9. 9 www.lifethenfinance.com Get out of Debt Strategy n  Behavior problems requires a behaviorial solution. n  Arrange your debts smallest to largest n  Disregard interest payments n  Make only minimum payments and any leftover money goes to the smallest debt. n  Continue the same process until all debts are paid
10. 10 www.lifethenfinance.com Action Steps 1.  Create a budget 2.  Setup an emergency fund 3.  Start the debt-snow ball