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
Although more people are using mobile wallets and moving away from using cash or credit cards as their go-to payment method, consumers have still shied away from using virtual credit cards for the majority of their purchases. But companies...
The holiday season is a busy time for retailers and consumers alike—and, unfortunately, also for fraudsters. Identity theft and payment fraud abound at all times of the year, but especially during peak spending times such as...
When you realize your credit card number has been compromised and someone is out there spending money under your name, it’s one of the worst feelings there is. So Discover’s newest fraud-prevention program is good news for anyone who...
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...
At my local bank there was an advertisement that if one enrolls in Alaska airline credit card and spends $1000 in the first 3 months then a travel companion could fly free. Is this still in effect? Does it apply to international trips and 1st class? Does the flight need to be Alaska airlines/ Virgin airlines?
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...
I once had the US Airways credit card, then the airlines merged with American Airlines and my card transitioned into the AAdvantage MasterCard with a higher annual fee and without companion pass. I use the card one year and then closed it because I don’t fly with American Airline often. Now I am looking for a credit card without an annual fee. What are my options?
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...
I had the US Airways MasterCard back in 2013 but had to close it because I got divorced and had some troubles with keeping up with my credit cards fees. I’m back on track now and would like to apply for this card again but can’t seem to find it anywhere. Can you help?
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...