Three Great Reasons to Pay Off Credit Card

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Why Your Need to Pay Off Credit Card Debt Now!

pay off credit cardIt’s important to pay off  your credit card debt now. It is an unpleasant fact that millions of people have too much credit card debt and do not seem to be able to pay anything more than the minimum payments each month.  At that rate, it could take years to pay off credit card debt.

Why should you worry about carrying credit card debt?  If our government can run up 14 trillion dollars in debt, what is so bad about having 10 or 20 thousand dollars in credit card debt?  And if the government won’t pay it down, why you should you pay off credit card debt?

For more ways on how to pay off credit card debt check out this article: http://richmamasecrets.com/how-do-you-get-out-of-debt-a-working-plan/

Here are 3 reasons why you should try to pay off credit card debt.

1. Interest Payments are Outrageous

With most credit cards charging customers 15%-20% for the privilege of borrowing money to buy items that you may or may not really need, it can wind up costing you twice as much for your purchases as what you originally paid for them. This is a big incentive to pay off credit card debt.  On every credit card statement there will be a box that warns consumers of how long it will take to pay off the balance if you only make the minimum payments.  Take a look at that box the next time you get your statement.  It can be a real eye-opener. This alone is a great reason to pay off credit card debt now.

2. High Balances Can Hurt Your Credit Score

Even if you are current on your monthly credit card payments, carrying a high balance at or near your credit limit can negatively impact your credit rating or FICO score.  Rating agencies check the ratio of total credit you have to the amount you have used.  A ratio exceeding 50% can lower your score and also affect your ability to get new credit in the future. This is another great reason to pay off credit card debt now – so that when you want to buy something “big” – like a house or a car – you’re in the best shape – credit-wise – that you can be.

3. Pay Off Credit Card Debt to Avoid Mental Anguish

Many people with high levels of debt and big credit card balances get very stressed out worrying about how they are going to pay their bills.  By lowering or eliminating your credit card debt, you will suddenly find yourself feeling free.  While being debt free  and committing to pay off credit debt does not guarantee happiness, it does guarantee that a level of stress can be removed from your life.

For more ways on how to pay off credit card debt check out this article – http://richmamasecrets.com/how-do-you-get-out-of-debt-a-working-plan/

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