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Pay Off Combined Debt

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.

Pay off balances

A young couple in a kitchen looking over their finances.

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 more than the minimum

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.

Pay your bills on time

Late payments may result in fees and a lower credit score.

Pay as you go

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.

Notices & Disclosures

Article is adapted from content provided by DTS.

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