For couples who have large mortgages, car loans, school loans and credit card balances, the combined debt can add up fast, making it hard to get ahead. One area of immediate focus is paying down combined credit card debt. Consider the following strategies to start the process.
Consider making larger payments on the card with the biggest balance. Or pay off the card with the highest interest rate first. As soon as you’ve paid off the balance on one card, pay off the card with next highest balance.
Pay as much as possible even if you can’t pay off the entire balance. Making only minimum payments could significantly increase the amount you eventually pay.
Late payments may result in fees and a lower credit score.
You might not miss your credit cards if you don’t use them. Develop a spending plan. Small changes can lead to significant savings over time.
Now is also a good time to sit down with a financial professional to review financial priorities and create a realistic spending plan.
Article is adapted from content provided by DTS.
