Write down your monthly net income and subtract your budgeted expenses from that number.
Based on this calculation, designate a specific dollar amount you can use to pay your credit card balance each month.
If you’ve got some free time you can increase your take-home income by making money on the side.
Here are some ways to make extra cash: Budgeting is no one’s favorite pastime, but you’ve got to create a realistic debt management plan.
A balance transfer is when you “pay off” one card by transferring the outstanding balance to a different credit card.
If you have a good credit score, you may be able to qualify for a new card that offers a 0% balance transfer in which you pay no interest on the balance for a predetermined period of time.
If you find it’s not that easy, you may need to take more drastic measures.
Plus, to avoid fees, your monthly payment must meet or exceed the minimum payment imposed by your bank.This post includes references to offers from our partners such as American Express.We may receive compensation when you click on links to those products.After the introductory period, which generally lasts between 12 and 21 months, the interest rate reverts to the card’s standard APR.Read the fine print and find out what your interest rate becomes after the promotional rate expires.Be sure to leave a little wiggle room in your budget for fluctuations and emergencies.