Especially for young people, these credit card fallacies are crucial to pay attention to
3. Never make an extra credit card payment
“Extra payment? I barely have enough for my regular payment.” Making an extra credit card payment can be one of the best ways to pay off credit card debt faster. Here's how it works: in addition to making 12 monthly payments per year, consider an extra payment once every three months for a total of 16 payments per year.Be sure to inform your credit card company in writing to apply any extra payment to your principal balance only to limit the amount of interest that accrues.
Personal loan rates start at 5.99%. Of course, you should only consolidate credit card debt if you can qualify for a lower interest rate than you currently have on your credit card debt. You should apply to multiple lenders and consider a qualified co-signer to increase your chances of approval.Do This Instead:
Apply to consolidate credit card debt. You can apply online and funding to your bank account can be within days.
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