Keeping Yourself Out of The Debt Trap

Hey All!

If you have more than one credit card and finding it harder to keep up with the payments, try this and see if you can get control of your cards again.

If you are wanting to pay off your cards as quickly as possible, pick the card that has the lowest balance and put as much towards the payment as you can each month while making minimum payments on your other cards.

Once you accomplish this on the first card, apply what you were paying on the first card and then apply it to the minimum you were paying on the next card with the next lowest balance. What you are doing is speeding up the process of paying off your balances more quickly and getting yourself out of the credit card payment trap.

Apply this process to any subsequent cards you may have until you accomplish your goal of paying off your credit cards. Then use the strategy of only keeping a balance on your cards with only 50% of your credit limit. This improves your credit scores temendously.

Until next time, enjoy the week and I'll see you next week with another tip on credit card control.

Michael