Welcome to Garvfinancial this is Gaurav Bhola and the tutorial is about top tips to get out of credit card debt. As you have noted in recent years credit card debt has been on the rise, with the average credit debt being around $9800. I decided to this tutorial to help fellow Americans who are trying to get rid of their credit debt. So what I will help you with today is lay the foundation for eventually paying off all of your credit card debts by following these tips you can build up on them overtime and eventually pay off all of your debt.
Getting out of credit card debt first by paying of your credit cards. Secondly by ending their revolving door of credit. Thirdly avoid making minimum payments. Fourthly by throwing away the blank checks and lastly getting piece of mind on your terms. Let's go over paying of credit card debts. Try to pay off your entire balance, if you can at the end of the month. If you pay off your entire credit card balance at the end of the month you can avoid paying interest and possible late penalties. So if you pay your credit card bill at the end of the month hundreds to thousands of dollars in interest can be saved over a lifetime but most importantly overtime you have to become a free rider or a leech as a credit card user.
Credit card companies use those two terms to describe those credit card customers who pay their bills on time because if you pay your bills on time the card companies don't make any money off of you. In terms of interest charged and any fees or penalties applied to your account the only way to avoid that is to become a free rider and a leech when it comes to the use of credit cards.
No more revolving doors. Pay higher amounts towards your balance more so then the minimum balance. Stop carrying over the balance month to month avoid paying unnecessary credit card interest. Stop the revolving door and forgo interest fees and penalties that will save you time and money into the future and stop making minimum payments. Don't fall into the trap of making minimum payments as credit card companies want you to make because they make the most money overtime from people who make minimum payments.
Credit card companies don't want to help you by permitting you to make minimum payments but want to exploit you by exposing you to financial insecurity through the unending cycle of debt. So if you make minimum payments all of your money goes towards paying the interest. Hence you will never pay down your balance. Throw away these blank checks never, never, never use blank checks that you get in the mail from credit issuers.
Unlike your credit card in which you have a interest free grace period whenever you use a credit check your interest starts right away. You no longer have that grace period so these blank checks are cancer don't use them, shred them. Piece of mind on your terms, once you pay off your credit card debt you take control away from the credit card company. We gain control over your personal finances by arresting the unending cycle of credit card debt. Thank you very much for watching the tutorial on top tips to get out of credit card debt. More financial tutorials are available at Garvfinancial. My name is Gaurav Bhola.
