These insider tips can help you pay off your credit card debt if you commit to sticking to them and tracking your progress along the way in short you want to stop adding to your debt balances find ways to reduce the interest rate or annual fees and create a plan to regularly pay your account every month. According to a new report by valuepenguin the average american household has 5700 in credit card debt here a certified financial planner cfp suggests an 8 step plan to paying off your . Look at your credit card statement if you pay the minimum balance on your credit card it takes you much longer to pay off your bill if you pay more than the minimum youll pay less in interest overallyour card company is required to chart this out for you on your statement so you can see how it applies to your bill. How to pay off debt with debt settlements if you have outstanding debts to pay and can make a large one time payment settlement might be the right option for you debt settlement is a negotiation in which a creditor like a credit card company or collections agency agrees to accept a partial payment rather than the full balance. If your credit card charges an annual interest rate of 14 itll take you 43 months about 35 years to wipe out your debt but if you up your payment to 10 you can pay it off in just under a
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