How to choose which credit card payoff strategy is right for your budget.
The least aggressive debt payoff method is making only the minimum payments. Experts advise you only pay the minimums when your main goals are to keep your account from falling into delinquency and to protect your credit score from being dinged if you consistently miss payments.automate your credit card payments
The biggest downside to paying only the minimum is that you will continue to accrue additional interest as long as you are carrying a balance month to month. The longer you carry a balance, the more interest you accrue and the bigger your debt load becomes. Since paying only the minimum on your credit card debt could end up costing you thousands and take you years to repay, you shouldn't follow this strategy once you can afford to pay more.Paying more than the monthly minimum helps accelerate your debt payoff and is a more active approach.
Unlike just focusing on one credit card balance, paying more than the minimum is harder to do if you are juggling multiple credit cards with revolving balances. For this scenario, we recommend the popularWith this method, you prioritize paying off your credit card debts with the lowest balances first. The first balance may be small, but you feel accomplished and motivated to tackle the next one.
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