Mastering Credit Card Debt, paying it down or is balance transfer a good option?

Credit cards can be super handy – you buy stuff now and pay later! But watch out, you don’t want to end up swimming in debt. Here are some friendly tips to help you get out of credit card debt:

1. Pay More Than the Minimum: Don’t just pay the smallest amount due each month. Try to pay more to slash that interest.
2. Tackle High-Interest Debt First: Start with the credit card that has the highest interest rate. Knock that one out first, then move on to the others. It’s like taking down the biggest monsters in a video game first!
3. Small Wins Matter: Pay off the little debts first. It feels awesome and keeps you going!
4. Transfer Your Balance: If you can, move your debt to a card with a lower interest rate. Just make sure to pay it off before the interest kicks in again.
5. Set Up Automatic Payments: Make paying off your card a habit. Set up automatic payments so you never forget.
6. Budget Like a Pro: Spend less than you make. Look for areas where you can cut back, then throw that extra cash at your debt.
7. Dream Big: Have a goal beyond just getting rid of debt. Maybe it’s saving for a trip or buying a house. Keep your eyes on the prize!

Lets’s talk about #4 in a little more detail – Combining debt through a credit card balance transfer is a common way to bring together all your credit card debt, which could save you money and help you become debt-free quicker.

Be on the lookout for balance transfer deals and make the most of the interest-free period to chip away at your debt.

Success with this method hinges on swiftly paying off your debt, aiming to clear it during the promotional period. It’s wise to think about ditching your old credit cards to dodge the temptation of racking up new debts. Remember, these offers have strict rules, so be sure to read them thoroughly.

*Above is a guide only, you should always chat to your mortgage broker or seek professional help.

If you would like some help in looking at your options – reach out today to see if the team @ Mynt financial can find the right solution for you. Click here to book a quick 15 min chat