Here are 7 common sense guidelines to eliminate credit card debt:
1) DO make a budget listing all your fixed expenses. Rent or mortgage, car insurance, car payments, cell phones, utilities, day care, fixed loans, etc. Then try to estimate a reasonable budget for discretionary items like food, drinks, dry cleaning, etc.
2) DO make a second list of all your outstanding balances and sort by balance, minimum payment, and interest charges if you have multiple credit card debts.
You may think the wisest thing to do is paying off the credit card with the highest interest rate. However, there are 2 preferred methods to follow.
First, you should first reduce the number of credit cards. Pay off the smallest balance first with larger payments until the number of credit cards you have in debt is down to one. Your ultimate goal is zero, or when you can pay your monthly balance in full every month.
The other strategy is to pay the balance on any card exceeding 50 percent of your credit limit because balances above this level may cause your credit score to diminish.
3) DO use cash or a debit card from your checking account. You can’t spend what...
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