15 Tips for Managing Credit Card Debt
The following tips can help you learn how to manage credit card debt effectively if you have multiple balances that you need to pay off. If you run into trouble or can’t develop an effective, plan for managing debt yourself, then it may be time to get professional help. A debt management program is a professionally assisted repayment plan that can help you get out of debt when you can’t do it on your own. So, try these tips to manage debt, but if you still can’t make any headway, call us at (844) 276-1544 for a free debt and budget evaluation to see if we can help.
Tip No. 1: Always pay on time – never juggle bills
In order to maintain your credit score, you must meet the minimum payment requirements on all your debts every month. Missing any payment will result in penalties that only add to what you owe. If you miss a payment by more than 60 days, it will create a negative item on your credit report. Credit history is the single biggest factor used to calculate your credit score. So, one late payment can have a significant impact, in some cases decreasing your score by 100 points or more.
This means that the foundation of any plan to manage debt must be to meet your payment requirements every month. If you can’t find a way to do that on your own, you must seek help immediately. Don’t procrastinate and let your debt ruin your credit.