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3 Tips for Juggling Multiple Credit Card Balances

3 Tips for Juggling Multiple Credit Card Balances

Credit card debt can strain your finances in a number of ways. This is even more so the case when your debt is spread across a variety of cards.

If you find yourself juggling multiple credit card balances, here are three tips that are sure to help:

1. Know Your Debt

In short, you need to know how many credit cards you have, as well as the debt associated with each one.

This isn’t a time to guess. Instead, review your most recent statements to ensure that you know the exact numbers.

2. Implement a Plan

What’s your plan of attack? Sure, you could simply make the minimum payment each month and hope for the best, but this isn’t a sound approach.

For example, you may want to knock out the credit card with the lowest balance first. Or maybe you decide to take on the card with the highest interest rate.

As long as you have a plan that you’re confident in following, you’ll feel much better with each passing day.

3. Consolidate with a Balance Transfer

Why continue to deal with multiple credit cards when you don’t have to? You could find a balance transfer offer and bring all your debt under one roof.

There are many benefits of doing this. First off, it allows you to remain organized. Secondly, and just as important, you may qualify for a balance transfer offer with a zero percent introductory rate. As a result, you can save a lot of money in interest for the time being.

If you find yourself juggling multiple credit card balances, let these three tips put you on the right path.

Have you ever found yourself in this position? What other advice would you add? 

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Comments 1

Frank on Monday, 21 November 2016 18:24

Keep track of your credit card balances, due dates, etc. online or in excel! This is critical if you have multiple cards. Every week I reconcile and monitor my credit cards. I have over 15 so I have to keep detailed records of what and where I am spending my money.

Keep track of your credit card balances, due dates, etc. online or in excel! This is critical if you have multiple cards. Every week I reconcile and monitor my credit cards. I have over 15 so I have to keep detailed records of what and where I am spending my money.
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