getting out of credit card debt a financial literacy presentation by member name, cpa

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Start with the Highest APR Target balances with the highest annual percentage rates When you pay off a credit card, apply the money you were paying to other card balances Pay more than the minimum payments as often as possible

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Getting Out of Credit Card Debt

A Financial Literacy Presentation by

Member Name, CPA

Add It Up

Make a list of how much you owe and to whomInclude balance, interest, rate and minimum payments

Start with the Highest APR

Target balances with the highest annual percentage ratesWhen you pay off a credit card, apply the money you were paying to other card balancesPay more than the minimum payments as often as possible

Get Rid of Credit Cards, Use Debit

Keep only two credit cards: one to charge purchases when necessary and the other as a reserveUse a debit card or cash on most purchases theres no interest rate and no bill at the end of the month

Restructure Your Debt

Consider switching your credit card balances to a card with a lower interest rate or call your current issuer and ask for better termsMany credit card companies will adjust your rate rather than lose you as a customer

Protect Your Credit History

Make all your loan and credit card payments on timeIf you cant make a payment, contact the creditor and explain your circumstancesMost creditors are willing to work with you

Set (and stick to) a Budget

Whey climb out of debt to wind up mired in financial stress all over again?Learn your lesson and set a spending plan to keep you in checkIt takes time and hard work to pay off credit cards and live within a budget, but its worth it in the end!

Any Questions?

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