Here Are Some Strategies to Pay Off Credit Card Debt Before Interest Rates Rise Again

  • 📰 NBCNewYork
  • ⏱ Reading Time:
  • 44 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 63%

United States Headlines News

United States Latest News,United States Headlines

“The biggest key to get out of credit card debt is to not be paying a high interest rate on that debt,” says personal finance expert Suze Orman.

One of the first steps Orman advises for those looking to chip away at credit card debt is to see if you can lower your interest rates.

There are a few ways to do this, such as a balance transfer to another credit card with 0% interest rates for a certain period, taking out a personal loan with a lower interest rate to pay off your credit balance or working with credit counselor to consolidate your debt with a lower rate. The second model, which Scherer says is personally what he recommends to clients, is to look at all your outstanding debt and pay off the one with the highest interest rate first. Over time, this means you'll pay less money to knock out your debt because you're tackling the highest interest rates right away.

In addition to paying down your debt, make sure that you're putting aside some money to build up emergency reserves, said Scherer. This is to keep you from accumulating more debt while you're working to pay off your existing balance.

Source: News Formal (


Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 270. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Investors Face a World Where Stocks No Longer ReignInvestors in recent years argued that to get decent returns you had to put a hefty chunk of your portfolio in stocks. The Fed has turned that dynamic on its head.
Source: WSJ - 🏆 98. / 63 Read more »

Snapchat co-founder pays off college debt of new graduates at L.A. art and design schoolSnapchat co-founder Evan Spiegel and his wife, Miranda Kerr, are paying off the college debt of 285 graduates at Otis College, the oldest art and design school in L.A.
Source: latimes - 🏆 11. / 82 Read more »

Up Close: Bronx district attorney's plan to crack down on ghost gunsIn this episode of Up Close, Bronx District Attorney Darcel Clark takes aim at ghost guns with an urgent message to major credit card companies.
Source: ABC7NY - 🏆 592. / 51 Read more »

Police: Check for Identity Theft If You Used Credit/Debit Card at Millbrook McDonald's - Alabama NewsCONSUMER ALERT: Millbrook police say anyone who used a credit or debit card at the city's McDonald's in recent days should check to make sure they're not the victim of identity theft. alnews onyourside consumeralert millbrook alabamanewsnetwork
Source: ALNewsNetwork - 🏆 583. / 51 Read more »

Metro Denver the second most competitive housing market in country after Bay AreaDenver’s housing market was the second most competitive out the nation’s 50 largest metro areas, with seven in 10 homes selling for more than the list price in April, according to a new…
Source: denverpost - 🏆 13. / 72 Read more »

ECB's de Cos says rates to rise 'very soon'The European Central Bank will likely decide at it next meeting to end its stimulus programme in July and raise interest rates 'very soon' after that, ECB policymaker Pablo Hernández de Cos said on Saturday.
Source: Reuters - 🏆 2. / 97 Read more »