One thing I know for sure is that the upcoming generation will be more advanced in technology and finances. There are so many resources out now and sadly, my generation did not have those growing up. Some of us did not have the foundation from our parents to save money or to invest. Growing up, I always heard about credit and how we need it. I wasn't taught the proper way to use credit and the consequences of not having it or having enough. Funny thing though, my parents always had great credit one thing I can say is that they always made sure to pay the bills on time. We were never in the dark or put out of our house.
So many people out there follow Mr. Dave Ramsey. I have watched a few of his videos and did some research on his methods. Some worked for me, some didn't. I think you have to find out what it is you are trying to accomplish and how much of a sacrifice you are willing to make to eliminate some debt.
I have quite a few high balances on my credit cards and student loans (I knooooooooooow). But I used to wait until income tax and start paying things off completely to realize that my credit score dropped and I was back to using the cards again smh. Oh my lol. Now I have found a method that works so much better for me and in fact it has been working for a long time. I am going to share some tips and tricks that I have learned along the way.
Ways to Lower Credit Card Debt
1) Get a notebook or budget planner(save your money and get a notebook lol)
2) Write down ALL of the credit cards with balances starting with the lowest to the highest
3) Check your statements for late fees, interest fees and call the companies and ask for a one time courtesy waiver. 9/10 they will waive a few for you. (Capitalone is one of the companies that would do that for you).
4) Start paying the credit card with the lowest balances off first
5) Once everything is paid off, use the card to make small purchases that you can pay every month such as monthly subscriptions, gas, a mani/pedi(Be sure to pay off that balance though).
Remember, these tips may not work for everyone, This is just what I do and what works for me.
What are some tips and tricks that you may have to eliminate some debt?
Later Love Bugs,
Elizabeth Jacas
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