Ideas for paying off credit card debt

Updated: Jan. 18, 2021 at 8:46 AM EST
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RICHMOND, Va. (WWBT) - It happens all the time. A car breaks down or the AC unit goes out. A big expense you never saw coming. It’s a new year and a new time to tackle debt.

If you built up debt last year, don’t let it ruin 2021 for you. Let’s get serious about making a plan to pay it all off.

Kim Palmer a personal finance expert with Nerdwallet says step one is simple, get organized.

Pull out all your credit cards, your most recent statements, your utility bills- everything you pay each month.

“Then you can make a plan for yourself and it can actually be really helpful to use an online calculator, like the ones we have at NerdWallet. You just want to make sure you know how much to pay off each month and how long it will take you,” Palmer said.

Learn the interest rates on all your debt. That way you can prioritize which ones to target for pay-off first.

Once you do this first step, and you know all your debt, the end goal is easier.

It’s easier to stay on track and make those extra payments each month.

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