Wanna Know How to Pay Off Credit Cards Debts? Read This

Credit Card

When we hear the word 'credit cards', we usually start imagining so many things at a time. Owning a credit card gives you that 'maharaja wali feeling', isn't it? Yes, if you have a credit card, there is no looking back. Be it shopping, watching a movie with your buddies, enjoying a candle light dinner with your beloved, or travelling to some exotic foreign destination, a credit card is just like a magical wand that comes to your rescue when you are falling short of cash. Those who don't have savings or enough money in hand to pay for their expenses, credit cards are a big relief for them.

But, my folks good things in life also come with few flaws that you should accept. And, credit card debt is one such evil. Yes, many people without even realizing involve themselves into a messy debt trap. And, this is when they wake up from their dreamy world and start questing- how to pay off credit cards debts?
Well, if your story is also the same and you are finding it difficult to sail your boat in the sea of debt, my friend don't panic because you are at the right place. Read this post further to know about the effective ways that help to pay off credit card debts:

Start with Highest Interest Rate Card

I am sure your love for cards is not limited to just one. So, instead of searching on the internet or seeking suggestions from your friends, pay for the card that owes you highest interest rates rather than the one with minimum interest rates. Through this way, you can not only eliminate your debt but can also boost your CIBIL. Start the chain by paying for the card with higher rates and then the next that has lower and so on. And, you know what is the best part of this practice?  Well, it also helps in reducing the monthly annual fees, if you maintain timely payment record.

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Be Organized by Fixing Your Budget

The best way out is to be organized in life by preparing a sheet of do's and don'ts. Yes, start this exercise today as it gives you a clear picture of your expenses. You can check it whenever you are in doubt.Also, please be harsh on yourself by reducing your extra expenses monthly. Figure out the areas where you have spent extra bucks. Fix a monthly budget as it is really effective to keep you in control from spending more. And, by following the same, the question how to pay off credit cards debts will not bother your mind. Well, all it needs just a little adjustment and you can live happily ever after…:)

Minimum Two Payments in a Month  

Yes, you read that absolutely right! Well, let me tell you a little secret…excited to know? If you go for two payments in a month, it will surely work in your favour to enjoy the debt-free life in the long run. Every time you make a payment, your average balance reduces automatically, which obviously result in a lower rate of interest. Thus, needless to say paying off the debt like this will actually work in your favour, giving a boost to your credit score as well.

 Go for Balance Transfer

If a card with the higher interest rate is bothering you, don't think twice and go for balance transfer. These days, many card issuers offer balance transfer facility, wherein you can transfer the outstanding balance of your card to another. In fact, you can avail lucrative perks and benefits while availing the same. So, what to wait? Get set and go.

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 Do Not Close Your Card

If you are also amongst the one who thinks that closing your cards is the best solution for paying off your debt, let me tell you folks, you are wrong! Yes, because your credit score is partly calculated on your card utilization ratio. So, the moment you close your card, your credit score will go down, which is not a good thing. So, you need to be bit careful here my frnd so that your credit score will be in a good position.   

So, I guess now you won't ask again how to pay off credit cards debts as now you have the answer with you.