Credit Card Basics
More than two-thirds of people who have credit cards do not pay them off each month. This worksheet will help you sort out what you owe and what company you owe it to, so that you can start to pay them off in full.
|
Creditor/Credit
Card
|
Amount
Due
|
Interest
Rate
|
Minimum
Payment
|
Typical
Monthly Payment
|
Interest
Paid Each Month
|
Target
Date Paid in Full
|
Ways to Reduce Your Credit Card Debt
- Pay off the credit card with the highest interest rate first.
- Pay your credit card bill as soon as you receive it, especially if you are carrying over a balance, to reduce your interest charges.
- If you cannot pay the full amount, pay as much as you can each month.
- Look for low-rate and no annual fee credit cards. You can get a list of credit cards, interest rates and fees: send $5 to RAM Research’s CardTrak, 1420 Celebration Blvd, 2nd Floor, Celebration, Florida 34747 , or for free on the internet at www.ramresearch.com.
- For one-on-one credit counseling, contact the National Foundation for Consumer Credit at 800-388-2227 or www.nfcc.org.
