Ask Terry Questions Credit card paydown

Credit card paydown

By Terry Savage on March 08, 2020 | Credit/Debt

What’s the best way to pay down credit cards?

Terry Says

It takes a lot of discipline to pay down a credit card balance. But here is the simple formula that will pay it down in LESS THAN THREE YEARS!
1. Take the current monthly minimum payment and double it. Write that number down.
2. Pay that exact same amount every month (NOT double the NEXT minimum, but that original doubled amount).
3. Don’t charge another penny!

If you follow this formula your card — no matter what the balance — will be paid off in less than 3 years. Of course, it’s tough to find that extra money but if you can do some kind of service (Uber, babysitting, driving an elderly person, weekend waiter or waitress, etc) you can get it done. I hope you do it!!

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