8. Watch out for interest free days
Interest free days generally only apply if you pay your vclubshop.tel credit card debt off in full by the required repayment date. This doesn’t mean just paying the minimum monthly repayment amount, it means paying the full balance owing on the card. If you don’t pay the debt out in full, you are generally charged interest from the day the purchase occurs.
So if you have a credit card and never pay the debt off in full, you are not getting any benefit from interest free periods. So in that case you might be better off getting a credit card that charges you interest from day one, but has a much lower interest rate. After all, you are probably getting charged interest from day one on your current card.
9. Do a reality check
Jump into a loan calculator and put in your credit card balance and what you roughly pay off the credit card each month (after considering what you add to the card each month). Look at the figures, You might be shocked to see that your debt is still going to be around in 10 years time. How does that make you feel? Does that give you some motivation to work hard at getting some extra money to throw into your credit card? Well if that doesn’t, looking at how much interest you are paying over this period of time should. Go on, check out your situation.
Play around with the loan calculators and work out how quickly you can pay your credit card debt off by adding some extra sums to your current repayment. See how much interest you can save by paying more into the card.
10. Work out where you can get extra cash
Any money you can amass is best paid off your credit card rather than being spent or sitting dormant in a saving account earning little to no interest. So, how motivated are you to get your credit card debt paid off? How serious are you in finding a solution to your debt problem? What are you willing to do to get some extra cash? What are you prepared to sacrifice?
Can you mow a lawn on a weekend, babysit a child during the week, do some overtime at work, sell some items on eBay, walk / groom some pets or get a part time job? Think outside the square for ways you can earn a few extra dollars that can be committed to paying off your credit card sooner.