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Credit Card Debt

Credit card debt IS the root of all evil. If you have credit card debt you must eliminate it now. While this is important for everyone it is critical for work at home moms and those looking to leave their jobs and stay at home.

Make a plan and make it your priority. Here are some ideas to reduce your credit card debt...

*Use your savings to pay off your credit card debt.

*Transfer your balance to a card with a 0% or low interest rate introductory offer . (check to see when the offer expires and repeat the process)

*Pay 20% more than the minimum payment.

*Pay down the card with the highest interest rate first. When that one is paid off, take the money you were paying on the first card and apply it to the second card with the highest interest rate PLUS the minimum monthly payment . Repeat the process till all credit card debt is eliminated.

*Borrow money from a relative or a friend at a low interest rate like 0%-10%. Write out a formal agreement to repay the loan and pay it on time. Another option is a personal loan through a financial institution These typically carry a higher interest rate but can help you consolidate all of your credit card debt into one payment.  

*Get a home equity loan on your home. The rate is usually lower than your credit card. Plus the interest rate is tax deductible - credit card interest is not.

*Take all the extra money you generate from eBay, garage sales, online income etc. and pay off your credit card debt.