Learn to Beat Credit Card Debt One Debt at a Time

You can beat credit card debt by applying simple strategies that have been proven to get you back on track. You do not need to take drastic steps to settle, consolidate or remove debts. Instead, simply be smart with your income and debts, and stay on track with a consistent payment plan. The first step is to build a budget. Start by determining how much you earn, after taxes. Divide this amount in half. The remaining sum is the total you can afford to spend on debt. Allocate this toward rent or mortgage, loans, and other fixed payments. 

How to Prioritize Debts

First, always pay minimum monthly payments on all debts to avoid excess fees. When it comes to this minimum payment, no debt has a priority. You must keep up with your rent, utilities payments and minimum credit card payment. Then, your disposable money should go to debts with the highest fees.

How to Preserve your Credit

While you work to pay down debts, watch your credit score. Make sure your lenders are reporting your consistent payments and your loan balances are decreasing continually on your credit score. When you close a loan, ensure it is removed from your report. You are entitled by law to one annual credit report and can get a copy online. 

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