Pay Off Your Credit Cards Faster With These 4 Simple Moves

Pay Off Your Credit Cards Faster With These 4 Simple Moves - If you have credit card debt, you are far from alone. More than half of Americans are carrying out some form of credit card debt and, if you are part of that majority or simply, you want to put some preventive measures instead, I have four simple changes that can help you work for being debt-free.

4 Simple Changes For Being Debt-Free

Pay Off Your Credit Cards Faster With These 4 Simple Moves

Prioritize Your Payments and Prioricelings in The Right Way

Number one: Prioritize your payments and prioricelings in the right way. So let's say you have two credit cards one with a 200 dollar balance and the other with a thousand dollar balance which one do you pay off first.

Well if you're like most people when people have debt across multiple credit cards they tend to pay off the one with a lower balance first because it feels like an easy win, it feels good.

We call this the completion bias when you give in to completion bias you feel more productive because you're able to check off quick tasks from your to-do list and You can even have a dopamine wave while you are doing it.

But rather than looking at the balance of two hundred dollars versus a thousand dollars what you should be looking at is the interest rate. instead, if you're busy paying off a credit card with a low interest while the larger interest rate card lingers on and on. You could be in debt for much much longer you can still work the completion bias to your advantage.

Here's a quick tip think of that one thousand dollar debt as a series of smaller achievable tasks. For instance, you could decide to pay 100 towards that credit card balance each month, and each time you pay that 100 you're crossing something off your to-do list and achieving that completion high.

Not only will you get that completion, but you will have something to celebrate.

Ask Your Credit Card Corporation To Ask Them To Reduce Your Interest Rate

Number two: Ask your credit card corporation to ask them to reduce your interest rate. Get somebody on the phone. Typically when you apply for a credit card it's either when you're young or you lack liquidity and in both instances, your credit score lowers.

Your credit score is what lenders and banks and credit card companies use to determine how much risk would be to lend it money. Now, the greater the credit score, the lower the risk and the lower the interest rate.

Conversely, the lower the credit score, the greater its interest rate and the more money you will have to pay for long-term interest over time with payments on time that improve your credit score.

But guess what sometimes credit card companies do not reduce their interest rate as a result. but what we do know is that if you call oftentimes credit card companies will loosen up on their interest rates given your credit score improvement, we only have a small sample.

But in my research, we invite people to come to call their credit card company, and make the case of a lower interest rate, 50 percent of them was successful, this is a simple way to have A stroke of 50 50 to save you thousands of dollars in interest. Now while you have them on the phone, here's tip number three.

Request A Change In Your Payment Date

The payment due date is usually a random date that the credit card companies set that doesn't align with your cash flow. Now I want you to think about when you typically get paid and what time of the month you usually have the most cash on hand Based on that selection of a payment date that works best for you.

I have seen that it is easier for people to pay their debt when they have more money in their bank account. So if you have a credit card bill, choose a new payment date that falls after your usual payday. So if you typically get paid on the 15th the 16th might be a great day.

Here's my last tip.

Change Fundamentally How Often You Pay Your Credit Card

Number four: Change fundamentally how often you pay your credit card. So for example, if you usually pay a hundred dollars a month towards your credit card debt there are 12 months in a year, so in a year you'll pay 1200 good for you.

But if you decide to spread that 100 a month payment into weekly payments of 25, you'll end up paying more in the long run. because there are 52 weeks in a year that means you'll end up paying 1300 instead of 1200, you will also end up paying less in this interest.

It's a natural calendar hack that you can work to your benefit and there are even companies that can help you do this automatically.

These changes may seem small and subtle, but you'll be pleasantly surprised by the huge difference they'll make.

Are you overcome debt or just try to avoid it completely?

I'll see You in the next post with some more tips.

Your future self will thank you.

Related Video - Pay Off Your Credit Cards Faster With These 4 Simple Moves

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