It’s time to give your credit card debt a spring cleaning. Here's how to do it
Aja McClanahan, a Chicago-based writer, and her husband were staring down $120,000 in debt — about $20,000 of it credit card balances — and realized they needed to clean house. Literally.
The couple financed bathroom renovations for their rental property in 2017 by charging over $2,500 to their credit card. They were able to pay off the balance a few months before the end of the 0% introductory interest period on a balance transfer card. McClanahan and her husband took the “debt snowball” approach, which calls for paying down smaller balances first to gather momentum with quick wins.
Windfalls such as a tax refund or bonus can also help, either toward paying down balances or building an emergency fund you can turn to instead of a credit card.
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