MoneyWatch with Jill Schlesinger Tips for Paying Down Debt
Jan 21, 2025
Nearly half of Americans struggle with credit card debt. Discover effective strategies for managing and paying it down. Learn the importance of liquidity and when debt consolidation can be a smart move. Plus, explore the circumstances under which bankruptcy might be a viable option. Get ready to take control of your finances!
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Negotiate Rates
- Call your credit card company to negotiate a lower interest rate.
- Many people get lower rates, so it's worth a try.
0% Balance Transfer
- Consider a 0% balance transfer to a new card if you can pay it off within the introductory period.
- This can save you a lot on interest.
Automate Payments
- Automate your debt payments to avoid late fees and ensure consistent progress.
- Even small, regular payments add up over time.