Card debt consolidating

After paying debts that are on fixed monthly payments (mortgages, vehicle, and term loans), make the minimum payments required on your credit cards with the lowest interest rates and maximize your payments on the credit cards with the highest interest rates.

Once a debt is paid, use this extra money to pay down the credit card with next highest interest rate.

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To get ahead using a debt consolidation loan, make sure you track your spending for at least 2 weeks, create a budget, follow it, and make sure you're not spending more than you earn.

Otherwise you'll end up like so many others and need another debt consolidation loan once you finish paying off your first one.

Put them away, or freeze them into a bucket of ice, until you have completely paid off your outstanding balances.

Sorry to say, but getting out of debt requires taking those credit cards out of your wallet so you’re not tempted to use them.

Not only will this ensure you are living within your means (and not above your income, which is where credit card debt comes from), but it will also give you a set timeline on when you can expect to get debt free. We’ve created an interactive, budget calculator spreadsheet that will guide you through the process and make the idea of budgeting way less painful.

This will help you stay within your budget and maximize your ability to pay down your debts.Here's how it works: Some people like to debate which debt payoff methods is best.While paying off the highest interest rates first is mathematically correct, the best method is whichever one works for you.When used correctly*, debt consolidation loans and balance transfers can be excellent ways to get out of debt.Consider consolidating your debts with a consolidation loan or transferring your credit card balances to a low rate credit card.One way to speed up your debt repayment and get out of debt fast is by reviewing your monthly expenses and looking for opportunities to cut your costs.

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