Many borrowers with multiple credit card balances question how to go about tackling their mounting credit card debt effectively. Is it a good idea to completely pay off their credit card balance each month, or will doing so hurt their credit score? Here are some valuable, money-saving strategies to help eliminate credit card debt.

Compare Your Interest Rates

As a borrower, you should try to pay off your credit card balance each month, however; there is a right and a wrong way to go about it. First, compare the interest rates of all your credit card statements and prioritize them from highest to lowest. The higher the percentage rate, the more money you are paying in interest each month. 

Start with Your Highest-Interest Debt

In order to maximize your long-term savings, begin by making larger monthly payments toward the principal balance on the credit card with the highest interest rate while continuing to make the minimum payments on the other cards. Once the card with the highest interest rate is paid off, move on to the next highest card, and so on, card-by-card until your credit card debt is eliminated. Once paid off, keep the credit card accounts open. Canceling paid off credit cards can negatively impact your credit score. 

Control Your Spending

Becoming debt-free requires patience and discipline. As you eliminate your credit card debt, you may begin to notice an excess of funds in your account. Resist the temptation to spend. Assuming you have extra spending-money will land you right back in debt. If you’ve implemented these strategies and you’re still struggling to manage your debt, then you might need to consider professional debt relief services.

Seek Expert Guidance

Progressive Debt Relief will negotiate with your creditors to get you the best settlement possible and equip you with the tools necessary to avoid future financial distress. We strive to help you establish a debt-free life with the peace of mind that comes with financial security.

To find out more about our services, or to schedule a complimentary consultation, contact us today 877-590-1847.