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Tip of the Day Never Spend More Than 2 Times Your Income On A Home

Never Spend More Than 2 ? Times Your Income On A Home - Half the trick to buying a home is knowing what you can afford to spend...

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How To Pay Off Credit Card

There are a few methods you can use to show you how to pay off credit card debt. Credit card debt is one of the causes of high stress levels in the home. Normally, credit card debt is not something that happens overnight. Debt is accumulated over a period of time. Credit card companies can often tell when there is a problem based upon the amount and frequency of your repayment. When you start to pay only the minimum payment due month after month, that is a sign that trouble is on the horizon. Then over time, they payments will start to be made later and later, until they eventually cease. Paying off your credit cards takes discipline and time. The first step to paying off credit card debt is to stop using the cards. Even if you have to physically remove the card from your presence, immediately stop using the cards as soon as you notice that you are only paying the minimum due.

The next step to paying off debt is to gather all of your credit card statements and inspect them for any changes made to your account, such as interest rate increases. Arrange your statements in order from the highest interest rate being charged to the lowest. Double or triple your minimum payment on the card with the highest interest rate and pay more than the minimum required payment on all of the other cards. If you only have one credit card, take your monthly minimum required payment and multiply it by fifty percent. This amount will be your first payment. Repeat this repayment formula each month until the balance is paid off. Another method would be to start with the card that has the lowest balance and pay that off first. As each smaller debt is paid, it will free up money to pay off the debt with the larger balances. Track your spending to see if you have any expenses that you can cut.

Other ways to paying off credit card debt is to get a home equity loan, which places your home as collateral for the loan; transferring high interest credit card balances to lower interest credit cards and paying them off; borrowing against your cash value life insurance policy; or cashing out your retirement fund or savings account.

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