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Credit Card Account Number Amount Owed Minimum Payment Interest Rate 1 Adapted from Get Rid of Credit Card Debt, written by Pat Hildebrand, University of Illinois Cooperative Extension & 8230; 1 FINANCIAL FITNESS Fact Sheet November 2001 FL/FF-13 Barbara R. Rowe , Ph.D. Professor and Family Resource Management Extension Specialist Utah State University 1 Using a credit card changes your spending power. The greatest disadvantage of credit use is losing financial flexibility in managing & 8230;

Credit card companies require a minimum payment each month. The next step in reducing credit debt is to be sure you can make the minimum payments on your credit cards. Look at your spending and see if you need to make cuts to find the money to pay your credit card bills. If you pay only the minimum payment required each month, it can take a very long time to clear your balance. For example, if you have a $3,000 balance at 18.9% interest and you pay $50.00 toward the balance each month (a typical minimum payment), it will take you 15 years and 6 months to pay off your debt. And it would cost you $6,279.85 in interest charges. Plan to do more than just pay the minimum. In the example above, if you paid $60.00 each month instead of $50, it would take you 8 years and 4 months to pay off your $3000 and cost you $2,947 in interest charges.1 To reduce your credit card debt you need to plan how you want to do it. First, gather all your credit card bills together and complete the table on page one. Then look at your different debts and set priorities for your repayments. Which debt will you pay first? Choose strategies from those discussed. Once you have a plan, you are on your way to reducing your debt.

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