Best Way To Pay Off Credit Card Debt

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Best Way To Pay Off Credit Card Debt
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• Make note of all your debts

List down all of your debts as they require
immediate attention. Start with the high-interest
debts and then move towards the debts that have a
low-interest rate. Bigger to smaller right down
all of your debts and make a plan to pay them so
that you can improve your credit score as well as
your credibility.
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2. Pay the higher debts first
After prioritizing the debts pay the ones which
are higher so that in the end you dont feel
burdened and you can easily pay off the smaller
debts. Paying the higher debts credit card also
gives you a sense of achieving a milestone that
keeps you on track with repayment of other debts
too.
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3. Consolidate your debts into one debt
If you feel that it is easier to pay a
consolidated debt than to pay each one
separately. Then you can take up a personal loan
with a low-interest rate to pay all the debts and
then keep paying the principal loan amount along
with the interest rate. In doing so you will only
have one debt and it makes it easier for you as
well to remember the repayment dates.
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4. Convert into EMIs
You can also convert the big debts into smaller
EMIs then you will easily pay back your debts.
After paying back the big debts you can also pay
the smaller debts by converting them into the
EMIs if you feel the need to.
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5. Paying your bills regularly
This is a crucial step that you need to adhere
to. If you dont want to end up in a debt trap
then you need to keep your dues clear all the
time. You can do so by registering for the
auto-debit services and your due amount will be
deducted from your account every month. You do
not have to remember the due dates with this
facility. And this will also be going to help you
with your credit score.
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