Life Kit: Money In credit card debt? There’s a path out
7 snips
Oct 6, 2025 Feeling overwhelmed by credit card debt? Discover five essential strategies to reclaim your financial freedom. Learn how responsible card use can boost your credit score and why making minimum payments is crucial. Experts emphasize the importance of maintaining an emergency fund while you pay down debt. Explore repayment strategies like the avalanche and snowball methods, and find out how to negotiate better terms with your card issuer. Plus, understand your rights when dealing with debt collectors. It's not just about debt; it's about empowerment!
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Keep A Credit Card To Build Credit
- Credit cards aren't inherently bad; their value depends on how you use them.
- Keeping at least one card in good standing helps build your credit score and future borrowing options.
Always Pay Statement Or Minimum
- Pay your full credit card statement balance every month to avoid interest charges.
- If you must carry a balance, always make at least the minimum payment to avoid fees and credit damage.
Build An Emergency Fund First
- Build an emergency fund even while paying down credit card debt to avoid future reliance on cards.
- Aim for at least three months of expenses and save any small surplus each month.
