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Plan Your Attack!

Ready to attack that credit card debt?

Look at all of them right now. Which is the one that is charging the highest interest rate? Yeah, that one. Take it out of your wallet. Put it away. Look at it like it's got coronavirus. Don't touch it again. (People have been known to put credit cards in the freezer to stop them from using it.)

What to do next?

First, if you can, transfer the balance to a lower interest card. Going from a 24% interest to a 6% interest will automatically save you a ton of money. But note that often those "lower rate" offers are only good for a limited time. So, if it's only good for 18 months, then only transfer what you can pay off in 17 MONTHS. And if you get offers in the mail for these balance transfer credit cards, remember to go online and see if you can find another/better offer. (Google: low interest transfer balance credit cards)

Transferring the balance is not an option? Then put a plan together to pay it off. Let's say there's $5,000 on it. Do you want to pay it off in two years? Then you'll need to pay $210/month. (need to add some extra money to account for that continuing interest.)

Too much?

Hmm.. look at your other bills. Anything you are spending $210/month on? Cable? Entertainment? Clothes/Shoes? Can you get rid of one of those to help get this paid off?

Option 2, make it a three-year plan. $140/month. Better? Good. But remember that 3 years is a long time. So give yourself a reward for following the plan. I had a friend who put a chart together and crossed off every time she made a payment and listed periodic "rewards" for her success. A latte at her favorite place. A day off to do nothing but take care of herself. A day trip to a place she's been wanting to visit. (What would be on your list?)

Now that you've got that one paid off, take that money and apply it to the next card.

Slowly, methodically, and purposefully, pay off that credit card debt. Believe me, your financial future depends upon it.

For more financial help, contact Stevie Swain at


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