Savvy Spender
Live Well For Less

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    Getting Out of Debt

    Tuesday, October 25, 2005
    The easiest way to get out of credit card debt is to try to put as much debt as possible on either 0% credit cards or very low rate credit cards, and then send any of your extra money that you have to the highest rate cards. Make a chart of your credit cards and keep a history of promotions and special rates so that you know when you need to transfer balances. For example:

    1. Card A with $5000.00 balance at 0% through August 2006 (promotion through my Discover link in right column) - pay only minimum balance.
    2. Card B with $3000.00 balance at 15% - pay minimum.
    3. Card C with $4500.00 balance at 19% - pay as much as you can!

    I promise the first steps are always the hardest, but pretty soon you will see a difference.