As a personal finance expert who owes $10,602.27 in credit card debt, I’ve learned the importance of taking action quickly and making a solid plan. In this article, I’ll share my 6-month plan to pay off high-interest credit card debt, providing valuable insights on how to course-correct quickly.
With 45% of American households carrying credit card debt, I’m not alone in my struggles. The key to overcoming debt is having a clear understanding of your numbers: total debt owed, minimum monthly payment, and interest rate. This helps you prioritize your money and make informed decisions.
To pay off my debt, I’ve created a budget that allocates extra funds toward debt repayment. By prioritizing spending averages into categories and tracking expenses, I’m able to make the most of my income. Additionally, I’m using any “extra” money – including commission, side hustle income, gifted money, and tax returns – to accelerate debt repayment.
The debt snowball method is my chosen approach, which prioritizes paying off debts with the lowest total amount owed first. By focusing on one debt at a time and applying extra funds, I’m confident in my ability to pay off $10,602.27 within six months.
It’s essential to remember that paying off high-interest credit card debt is just one aspect of my financial journey. Practicing financial balance and having fun while still making progress toward debt repayment is crucial for staying motivated. By finding a sustainable approach and avoiding an all-or-nothing mindset, I’m able to enjoy life while tackling debt.
Ultimately, overcoming credit card debt requires discipline, patience, and persistence. With the right plan and mindset, anyone can pay off high-interest debt and achieve financial stability.
Source: https://www.cnet.com/personal-finance/im-a-money-expert-with-10k-in-credit-card-debt-heres-how-im-paying-it-off