Start 2020 Strong by Reducing Your Debt

If you’re like many Americans, you still have some holiday bills to pay off in the new year. In fact, according to a survey, 61% of respondents who already had a credit card balance said they’d be willing to take on additional debt to pay for holiday expenses. If you’re starting the new year with bills that are no longer bringing holiday cheer, here are six tips to help you pay down your debt faster.

1.     Get real. Before you make a plan for paying down debt, review your credit card
        balances to determine the amount you need to repay.
2.     Decide which card you’ll pay off first. There are two main strategies for paying down
        debt. The first is to pay off the card with the smallest balance first and work your way
        up to the largest. The second is to pay off the card with the highest interest rate first
        and work your way down to the lowest. Choose the method that’ll keep you motivated
        to continue making progress.
3.     Create a budget. Once you know how much you want to pay off, create a budget. Start
        by reviewing your current expenses. If you’re serious about slashing debt, you may
        need to reduce or eliminate some of your expenses—at least temporarily—until you get
        your finances on track.
4.     Track your spending. Track everything you spend money on. Knowing where your
         money’s going can help you stay on budget.
5.     Earn more. To help you pay down debt even faster, consider finding ways to bring in
         extra income and put the money toward your credit card debt.
6.     Consider a balance transfer. With the Premier Privileges Rewards Mastercard, you can
         transfer a high-interest balance from another credit card and pay no interest for the
         first six months your account is open. When you pay more than the minimum each                 month you can reduce your balance even faster, while avoiding additional interest

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