April 3, 2025

Spring Cleaning Credit Card Debt

 

Although credit cards are a common financial tool, their convenience can come with high costs, primarily due to the interest charged on outstanding balances. As you engage in Spring cleaning, consider these strategies to minimize interest charges and reduce your overall credit card balance:


Negotiate a lower rate. Reach out to your credit card company and discuss options for lowering your interest rate. 

Re-allocate savings to pay down your balance. Consider using funds from Emergency Savings or that Vacation Fund to reduce credit card debt. Interest is calculated based on the balance you carry from the previous month, so paying off your balance off in full every month is one of the best ways to minimize charges.

Transfer your balance to a new card with a lower or 0% interest rate. While this is a temporary solution, a 0% interest rate credit card may help make some progress on paying off a balance without incurring additional interest.

 

Wherever you are on your credit card journey, prioritizing paying down debt should be your primary goal. If you need support, we’re here to help. Check out more debt relief options here.

 

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