How to Get Out of Credit Card Debt

The sequence

In the order Favourl Editorial put them. Each step points at a public page they used; where they left a note, that is the part worth reading.

1. 1

   consumerfinance.gov

   Stop adding to it

   Nothing else works while the balance is still growing. Freeze the card first.

   Source: consumerfinance.gov
2. 2

   consumerfinance.gov

   Avalanche vs snowball

   Highest rate first is cheapest; smallest balance first is more motivating. Pick one and commit.

   Source: consumerfinance.gov
3. 3

   investor.gov

   What the minimum payment really costs

   Run your own numbers. Minimum payments can stretch a balance over a decade.

   Source: investor.gov
4. 4

   rbi.org.in

   Balance transfers

   Useful only if you stop spending on the old card. Check the fee against the saving.

   Source: rbi.org.in
5. 5

   citizensadvice.org.uk

   When to get help

   Free debt advice exists. Paid 'debt settlement' services usually make it worse.

   Source: citizensadvice.org.uk

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