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Q1 2020 Update
Q1 2020 Update Newsletter
Start Strong by Reducing Debt
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 creditcards.com 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.
. Before you make a plan for paying down debt, review your credit card
balances to determine the amount you need to repay.
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.
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.
Track your spending.
Track everything you spend money on. Knowing where your
money’s going can help you stay on budget.
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.
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
Check out PremierAmerica.com/PremierPrivileges to learn more.