Here are two methods some savvy consumer are using to pay off credit card debt quickly.
SNOWBALL METHOD: The first, or so-called “snowball” payment plan, involves paying the minimum amount due on all cards except the card with the lowest balance. All money available to pay credit card debt over and above the minimums on the larger balance cards is used to pay off the lowest balance card until that card paid in full. Once the card balance is extinguished, the card is taken “out-of-service” and the process begins anew with the card with the next highest balance.
AVALANCHE METHOD: The second or “avalanche” method involves paying the minimum amount due on the lowest interest rate cards, and applying all money available to pay credit card debt over and above the minimums on the lowest interest rate cards is used to pay off the highest interest rate card until that card is paid in full. Once the balance on that card is extinguished, the card is taken “out-of-service” and the process begins anew with the card with the next highest interest rate.
You can learn more about these methods by clicking here.
If you are finding it more and more difficult to pay your debts or you are receiving calls from credit card companies and other credits and would like to understand your options, call my office 914-385-1032 to schedule an appointment. Ted Zink, firstname.lastname@example.org
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