Credit Card Discipline

Ah, paying off the credit cards.  Most Americans are saddled with way more credit card debt than they would like.  The average household has $15,762 in credit card debt and totals roughly $733 Billion as a nation.  Those numbers are from 2015 so hopefully they have gone down since then.  But for those who are reading and trying to figure out how to get out from this endless trap I will say one thing;  It starts with you.   Follow these steps to help payoff credit cards in a fast manner.  And take yourself one step closer to financial freedom!

Chart showing average credit card debt by age.


Step 1:  Cut up or lock away your credit cards.  Leave only one in case of emergency situations.

Step 2 (depends on credit):   Apply for a %0 balance transfer/ %0 APR credit card.  Then transfer all your highest APR credit cards over to that single card.  Try to consolidate all the smaller card balances on this card, it will help with the snow ball effect I teach later.  Citi has a card that has %0 for 21 months that I recommend.

Step 3:  Pay only the minimum amount on the balance transfer card for the next few months.  During this time you will use the %0 offer for as long as possible to delay paying that lovely interest charge.

Step 4: Start with a card that has the highest APR and lowest balance.  Put all the money you have budgeted for the other card payments towards this one card.  All other cards will be paid using the minimum payment.

Step 5: Once one is paid off, move onto the next one!  Using the “snowball method” people save thousands of dollars on interest that is paid.  Once your 0% offer runs out on the one balance transfer card, if you still have a large balance just transfer it to another balance transfer card.  Tip: you cannot do a balance transfer for 0% in the same company.  Example: Discover to a new Discover card.


Best of luck!






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