Carrying a large load of debt can be mentally exhausting as well a costing you money in interest. So getting debt-free during the coming year is a smart move to make. These four steps from Mint promise to get consumers to a zero balance faster than they thought possible.
- Step 1: Have a plan. It’s essential to know how much you owe, how much you can pay each month, and how you can reduce spending. Sit down and figure out what you can afford to pay, where you can reduce your budget, and what your plan is to get out of debt.
- Step 2: Start paying off your credit cards, beginning with the smallest amount first. This will give a sense of accomplishment faster than if you tackle the biggest balance first, making it more likely that you’ll stick with your plan.
- Step 3: Don’t just pay the minimum due. When you pay more than the minimum, you reduce the amount of time it takes to get out of debt, and you’ll pay less in interest during that time. Look at the timetable on your credit card statement—it tells you how long it will take to pay off if you only pay the minimum, versus paying a little more each month.
- Step 4:Put the credit cards away. The experts at Mint advise avoiding cash back and rewards that can lure you into using your credit cards while you are trying to pay them down. They suggest curbing spending as much as possible, and using a cash-based approach to spending until your balance is down to zero.
Apps like Mint help consumers see where their money is going, track spending and stick to a budget. Mint has a goals feature that lets users enter their debt paydown plans and see how much progress they are making. The company says their one million-plus users have paid off over $20 billion in debt using the Mint app over the last three years.
The app links credit cards, debit cards, bank accounts and investment accounts to give users a big-picture view of their finances. It’s available free from the Apple iTunes store and Google Play.
Read Also Related News
-
30 Mar
If you’d like to donate more money to good causes, but you never seem to get around to setting up the donations, a new app will make it easier to be generous. The app, called Movements, lets users donate small amounts that come from...
-
15 Mar
Commuters who spend a lot of time in the car will be happy to hear that there’s a new way for them to fuel up fast and pay quickly and securely, without even getting out of the car. Gulf Oil is launching a new mobile payment app,...
-
23 Dec
There’s no question that technology has changed all our lives, but which innovations has made the biggest impact? And which ones are poised to make even bigger impact over the coming years? Robin Raskin, founder and president of...
Customer Questions
-
You can pay your Macy’s card online using Macy’s online pay service. Just visit their official website and follow the prompt to create your online profile and add your Macy’s card to that profile. Also, consider CheckFree, a partnering payment service. You can also pay your Macy’s American Express...
-
Currently, the Alaska Airlines credit card has the following offer: “Annual companion fare from $121 ($99, plus taxes and fees from $22) after you make $1,000 or more in purchases within the first 90 days of your account opening”. This benefit will qualify for a round-trip coach Companion Fare on Alaska...
-
You may like one of the regular travel rewards credit cards offered by major banks. Travel rewards credit cards allow earning miles on all purchases. The cards also have one-time sign up bonuses which may be enough for a domestic flight. There are credit offers without annual fees, the other offers come with rather low...
-
The US Airways Premier World MasterCard is no longer offered. US Airways removed their credit card after merging with American Airlines. Today you can apply for one of the AAdvantage credit cards offered by Citi or for a regular travel rewards credit card. Both types of credit cards will allow you to earn miles and redeem...