4 Common Mistakes People Make When Paying Off Credit Card Debt
Avoid These Common Mistakes When Paying Off Credit Card Debt for Faster Results
Credit card debt can be an expensive problem to have. Watch out for these mistakes that could keep you in debt even longer and cost you more money.
1. Continuing to use your credit cards
It's important to stop using your credit cards when in debt, to avoid adding to the amount you owe and accumulating more interest charges.
2. Making minimum payments
Paying only the minimum amount on your credit card balance will result in significantly longer payoff times and higher overall interest costs.
3. Telling yourself you'll 'pay what you can'
Commit to a set monthly payment amount based on your budget, and avoid relying on what's leftover at the end of the month.
4. Relying on balance transfer offers
While balance transfer cards can help save on interest, it's vital to focus on aggressively paying down your debt rather than repeatedly transferring balances.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.