Tips on Managing Credit Card Debt

If you’re mired in an excessive amount of credit card debt in Tennessee, you might feel like there’s no light at the end of the tunnel. However, there are steps you can take to manage your credit card debt and begin rebuilding your finances once again. The Balance offers the following tips to help you get a handle on your financial future once and for all.

1. Make a List

The first step taking care of debt is to know how much you owe and to whom. This can be made easier by making a list of all creditors, along with amounts stating just how much you owe. That way you have a concrete picture of what you’re up against, which will help you plan your repayment process.

2. Pay As Much As You Can

Even if you’re only capable of making the minimum payment, it’s crucial that you pay something each month on any credit card debt you owe. While it’s best to pay more than the minimum, missed payments will add up and negatively impact your credit score. Pay more when you can, but strive to pay at least the minimum during those months when money is tight.

3. Create a Small Emergency Fund

Even having as little as $200 to $300 in your savings can be extremely beneficial in an emergency. This will prevent you from relying too heavily on credit, as well as assuring you’ll be able to cover any unexpected expenses that may crop up. Try to save a little from each pay check to fall back on while you’re tackling debt and rebuilding your credit history.

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