Financial Information
How can I reduce my credit card debt if I’m being charged over $100 in interest per month?
Question : How can I reduce my credit card debt if I’m being charged over 0 in interest per month?
I have slightly less than $ 7000 of credit card debt. I’ve gone over my limit several times, but have since cut up my card. However, Citi charges me over $ 100 in interest every month. I can barely pay the minimum, which is over $ 200, so how will I ever get it paid off?
reduce credit card debt
Best answer:
Answer by Mr.Morgan
2nd job or if you own a car free and clear use it to get a used car loan and pay off all or a chunk of debt, then never ever get credit card again.
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#2 written by StephenWeinstein 1 year ago
Very slowly. If they charge you between $ 100 and $ 199 in interest and you pay barely over $ 200, then the balance does go down, a little. As the balance goes down, they gradually reduce the amount that they charge in interest. Over time, the balance will reach $ 0, and then they will stop charging interest.
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#3 written by Christina 1 year ago
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Credit card interest are higher than any other loan interest.
Things you can do now and for other peoples too:
1) Do not overspend (again). Yielding to the sale offers for something that you don’t really need, is a big mistake that leads to overspending
2) Always remain within 70% of your credit limit.
3) Make credit card bill payments in time and in full if you can or start saving your money to pay more on the bill and the interests will getting smaller.
4) Don’t hold more than 2 credit card accounts (two are enough for anyone) in your case one is enough.
Reference : http://creditcard.usavisacard.com/credit-card-debt/things-after-pay-off-the-credit-card-debt.html