debt

7 safe borrowing tips to keep debt in check

Set a debt deadline for credit cards
Next
10 of 11
Back
Set a debt deadline for credit cards

Cecere suggests paying off credit card balances within three months.

"You need to be able to pay off those debts in a reasonable amount of time and not just make minimum payments," she says.

Better yet, Maurer says, don't even consider carrying your balance as an option.

"Revolving credit balances are the cancer of personal finance in a household," he says.

Cecere adds, if you can only afford minimum credit card payments, don't add new expenses. And seek help from a credit counseling organization if you can't make the minimum.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CREDIT CARDS WEEKLY NEWSLETTER
Credit cards on a table

Get advice for managing credit cards, building your credit history and improving your credit score. Delivered weekly.

Debt Adviser

Can consolidation hurt my credit?

Dear Debt Adviser, I have about $50,000 of debt on credit cards. My credit rating is still high. I am considering a debt consolidation loan. Will that adversely affect my credit rating? -- DT Dear DT, The cliche about... Read more

advertisement
Partner Center
advertisement

Connect with us