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How Can I Reduce My Credit Card Debt?

How Can I Reduce My Credit Card Debt?

If you are contributing to the many billions of outstanding credit card debt in America, you need to start digging your way out, and the sooner the better. Debt can stand between you and your financial goals, such as sending loved ones to college and retiring in comfort.

Get aggressive. One approach to paying off debt is to become systematic and aggressive. Start with the card with the highest interest rate, and double or triple your monthly payments until you eliminate your balance. Then do the same thing with the next highest interest rate card, and so forth.

Pay debt first, invest later. Conventional wisdom states that if you can earn a higher after-tax return on your investments than the interest rate you are paying on your debt, you should invest. Otherwise you should pay off your debt.

As an example, say you have a credit card balance of $8,000 with a 14% interest rate. Depending on market performance, paying off the card before investing may seem sensible. But even if the stock market was experiencing an annual gain between 8% and 9%, paying off debt could still be your better bet.

Ask for a lower rate. You can accelerate the pay-down process by calling your card issuer and asking for a reduced interest rate. According to a survey1 conducted by, 69% of those who called and requested a lower interest rate were successful. And 82% of those who asked for a reduction or elimination of their card’s annual fees were successful.

It may take months or even years, but becoming debt free is your first step to true financial freedom. It can also be a prudent move for individuals who are nearing retirement.

For More Information

Visit these websites for competitive rate information and more.

Using a Credit Card” by the Federal Trade Commission

Choose a Credit Card” from USA.GOV

Know Before You Owe” by the Consumer Financial Protection Bureau

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Enjoy the freedom to prosper. If you have questions , just give us a call at 609.538.4061 or 800.538.4061, email us at, or stop by one of our branches.

1, “Poll: You can get better credit card terms just by asking,” March 26, 2017.

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