Are you ready to make a new real estate purchase? Do you want to knock out your credit card debt before you make your next investment? Here are some tips to help you pay off your credit card debt for good.
Not long ago we talked about what is considered good credit. Good credit is weighed down by credit card debt. If you have your sights set on qualifying for a great loan rate, chances are you have some work to do to boost your credit score. The good news is, by paying off your debt you can boost yourself into the next credit score category.
Start off taking small steps towards paying off your credit cards by making payments on your smallest balance first. Focus on paying off as much as you can on that card each month while also making your minimum payment on your other cards. Before you know it your balance will be zero and you can move on to the next card with the lowest balance. Continue tackling one card at a time, from lowest to highest, until you have paid off all of your balances.
An alternative strategy to paying down credit card debt is paying down the card with the highest interest rate. The same plan of attack should be taken except that you focus on the highest interest card and pay off one card at a time going from highest interest rate to lowest. Remember to continue making your minimum payments on your other cards.
Choose one of these payment strategies and stay on track. Take it one card at a time. Make double or triple the minimum payment. Start your plan of attack now and when it comes time to go real estate shopping you’ll be free of your credit card debt.