October 2, 2022

How to Quickly Crush Credit Card Debt (Best Ways)

How to Quickly Crush Credit Card Debt (Best Ways)

If you have high credit card balances in 2018, you need to prioritize paying them off and doing so in the quickest possible time-frame. The reason why is because credit card debt is now more expensive than it’s ever been in the past, and if that’s not enough reason, here’s a few more statistics to fuel your desire to get out of debt.신용카드 현금화

1. Total revolving debt in the united states as of February 2018, which is primarily made up of credit card debt, has reached $1. 030 trillion, according to the latest Federal Reserve statistics. This is an all-time high for our country.

2. Interest rates have increased twice already in 2018, and the CME FedWatch Tool suggests another rate hike is coming by the end of this month.

You’re about to learn the six best ways to pay off high credit card debt, but before we dive in, first let’s look at the most expensive option that you want to avoid.

The most Expensive Credit card Relief Option

The most expensive credit card relief option is when only paying minimum monthly payments. Never only minimum monthly payments on credit cards because you’ll end up paying the maximum amount in interest. For example, if you have a Chase credit card balance for $15, 000 and your interest rate is 29%, when paying only minimum payments – you’ll end up paying a total of $45, 408 in interest alone and it would take you over ten years to pay off the balance.

1. Debt Snowball Method:
The debt snowball method of paying off your credit card balances was proven to be the most effective credit card debt relief option in 2018, according to new research published by the Harvard Business Review.