A credit card seems like an easy option when you shop, but spending too much can mean you pay more for your purchases with high repayments later on. When you have multiple credit cards, it can lead to more debt and consequently more stress. If you are worried about how to manage your credit card repayments conveniently, then read on:
For Multiple Credit Cards – Pay the Highest Interest Card Payment First As you have to repay a monthly amount for each card each month, make sure you pay more on the card with the highest interest rate compared to the lower interest rate card.
Make Monthly Payments as High as You Can You need to keep your debt in check and one of the ideal ways is to pay as much as you can each month. There is a monthly minimum limit and if you can pay more than that, it will help you reduce ongoing interest and the card balance.
Better to Keep Only One Credit Card As soon as you pay off your cards, cancel multiple cards and only keep one card for emergencies. Choose the card that offers better deals and manageable interest rates and cancel the other cards. This way you will start managing your expenses and repayments easily in the future.
Transfer Card Balance If you have a card repayment with a high interest rate you can look at the option of transferring the balance to a credit card with a lower interest rate for a specific period during which you should pay off the full balance transfer amount. Consult your bank and lenders to get more details and find out what option suits you best.
Reduce the Limit on the Card Spending seems easy when you have a high limit on your card but this can backfire when you start repaying it. The ideal solution to keep your spending to a minimum is to reduce your card’s limit. If you are facing problems managing your card repayments seek the help of your bank and look at what other flexible repayment options they can offer you.
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