Credit Card Debt Reduction – The “snowball” Method Explained-wh60a

Credit card debt can be a major source of stress and anxiety in a person’s life. Unfortunately, it’s all too easy to spend the money but when you’re faced with having to pay those cards off, it’s a whole different matter. If you’ve looked into debt reduction, you may have heard of something called the "snowball" method. This is an effective way of dealing with the debt on your credit cards, that has worked for many people. The first step in the snowball method is to write down all the balances on your credit cards, their interest rates and the minimum payments on each. Add up all the minimum payments – and all your other monthly payments – and decide how much extra you have left to pay towards your credit card balances. Now take the card with the lowest balance and add that extra payment to the minimum payment. Do this each month until you have paid that card off. When the first card is paid off, take the amount of the payments you were making on it and add it to the minimum payment on the remaining card with the lowest balance. Again, make this extra payment every month until that card is paid off. Keep doing this for the lowest balance card each month until all your credit cards are paid off. It’s surprising how quickly the payments can snowball (hence, the name) after you have paid a couple of credit cards off. Some people prefer to pay off the highest interest rate cards first, since that will save more interest in the long run. There’s no reason you can’t do it this way but many people find it more motivating to see cards get paid off quicker. Whichever method you use is up to you. The key is to stick with the plan every month until all your cards are paid, and resist the temptation to use the cards once they’re paid off. Here Is What You Should Know Purchasing A Second Hand Car With A Car Loan By: nehasharma – With rising expenses, plenty of individuals are opting for second hand cars over brand new cars. Even banks are providing the financial support through the form of car loans. This article contains information on what you should know purchas … Tags: The Ultimate Guide To Understanding The Personal Loan Interest Rates By: nehasharma – As with any loan, certain factors such as the interest rate affects the dynamics of the loan. This also includes the personal loan. Through this article one can understand the personal loan interest rates and how it can be calculated with t … Tags: Benefits Of The Different Options To Transfer Money Online To India By: nehasharma – Each individual has a different financial requirement, which would require a financial service that matches their needs. This is important especially when choosing the right mode to transfer money online. This article contains different opt … Tags: Nri Account By: nehasharma – The NRO account is an NRI account that allows you to invest local As per the government regulations, you can now remit up to 1 million USD through the NRO account. This article contains information on how you can remit funds from t … Tags: What Are The Fixed Deposits Schemes For The Different Nri Accounts? By: nehasharma – Fixed deposits offer you a lot of returns, especially with beneficial interest rates. Through the NRI account termed deposits, one can invest their foreign funds and get good returns in par with the domestic rates. This article contains inf … Tags: Do You Know The Different Advantages Of A Quick Remit? By: nehasharma – There are plenty of options that allow you to transfer funds to a sender. However, plenty of factors can influence your decision to opt for a mode of transfer. With the quickremit, you can easily transfer your funds whenever required. This … Tags: What Are The Different Modes To Receive Money That Is Sent To India? By: nehasharma – While there are plenty of options to send money to India, there are equally plenty of options wherein one can receive these same funds. This article contains information wherein one can easily send and receive funds through different modes … Tags: Here Is How To Avoid High Fees On International Money Transfer By: nehasharma – Transferring funds abroad may seem like an expensive affair, especially if you consider all the different influential factors that affect the rates. However, in order to avoid high transfer fees for international money transfer, here are a … Tags: Cost Factors To Consider When Sending Money Online By: nehasharma – When you want to send money online, there are plenty of factors you will need to consider. However, if you are looking for cheap options, here are certain factors that will provide you with the assistance you need. Tags: Tips To Make An Online Money Transfer And Save Your Funds In The Process By: nehasharma – There are plenty of online money transfer options which makes it easier to choose. However, since you will be sending your hard earned funds abroad, it is crucial that you make a calculated decision to choose an option that will allow you t … Tags: 相关的主题文章: