Worst Ways to Pay Off Credit Card Debt

Worst Ways to Pay Off Credit Card Debt

Paying off credit card debt is a hassle when you want to either save money, spend money, or both. No one likes being reminded of the debt they owe but letting credit card debt sit or build up for years with no change can lead to worse outcomes for your finances. Bankruptcy is not uncommon with disorganized spending and credit card debt habits. There are certain things you will want to avoid when trying to pay off your credit card debt. If you are struggling financially at the brink of bankruptcy, then talk with one of our Tennessee bankruptcy attorneystoday for guidance. 


There are a lot of different ways to pay off credit card debt and many of them are not only ineffective but damaging to your finances. Some methods will slow you down while others might lead to worse outcomes. Being aware of all the methods to avoid when it comes to paying off credit card debt is important for protecting your finances.

Th​e worst ways to pay debt are paying the minimum amount, using consolidation loans ineffectively, skipping payments, and not making any lump-sum payments. Paying the minimum amount each month can help you get by, but this method will never help you get ahead. Whenever you have the opportunity, try to pay more than the minimum required amount each month. Not only will this reduce your debt faster, but this will also decrease the total amount you will end up paying with interest rates. 

Consolidation loans can be very helpful to knock out debt, but only if you choose loans with a lower interest rate. Otherwise, you could choose an option with higher payments. Skipping payments now and again is not the best habit to adopt because this can lead to problems later. Making lump-sum payments, large payments upfront can help you decrease your debt much faster than not making any lump-sum payments at all. 


Some of the best ways to pay debt include tracking your spending, creating a budget plan, choosing cash payment over credit cards, and cutting out risky spending habits. Not all of these methods might be for you, but the ones that are can help you pay off your credit card debt faster than before.

Tracking your spending means writing down what your spending habits are each month to find patterns and figure out where you can cut spending. A budget plan works off this by organizing your spending habits into categories that can prioritize the money you spend. Then you can cut out unnecessary risky spending on entertainment or other things. 


Adopting new credit card debt payment habits is no easy task for anyone. Consider seeking advice from our legal team in Chattanooga, Tennessee and North Georgia if you ever find yourself slipping into further debt with the risk of bankruptcy. 

Call Tom Bible Law today to speak with a Bankruptcy lawyer in Tennessee at (423) 690-7712 for a free consultation. You can find our bankruptcy lawyers in Chattanooga and Tullahoma. 

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