Still struggling with credit card debt?
If you’re struggling with credit card debt, it makes sense that you want to pay it off quickly. The faster it is paid off, the better your credit. The faster it is paid off, the faster you can focus on saving money. The faster it is paid off, the sooner you can enjoy one less stressor. However, paying it down fast may not be your primary goal. You may, instead, look to pay it down as cheaply as possible. The cheapest way to pay off your credit card debt isn’t the same for everyone. It depends on your balance. It depends on your interest rates. Finally, the cheapest way to pay off your credit card debt also depends on your assets. Let’s take a look at a few possibilities. Use Your Savings If you have a savings account, take a look at the amount of interest you’re earning on that money. Now take a look at the amount of interest you’re paying on your debt. If you’re paying more than you’re earning, consider cashing out your savings to pay off your debt. Wipe away your deb...
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