Here's how to pay off credit card debt:
The Avalanche Method says to pay off credit card debt by starting with the highest interest rate credit card first. Make sure to pay the minimum payments on your other credit cards. Once you pay off the highest interest credit card, focus on paying off the credit card with the next highest interest rate. Repeat this process until all your credit card debt is paid off.The Debt Avalanche Method is the best repayment strategy if you want to minimize the most amount of credit card interest.
Let's assume that you have $16,000 of credit card debt at a 19% interest rate and make a $350 monthly payment. With a strong credit profile, let's assume you can consolidate your credit card debt with a personal loan at a 6% interest rate and five-year repayment term. You would save $41 per month and $9,791 in total. to calculate how much you can save when you pay off credit card debt with a personal loan.
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