How Do You Pay Down Credit Card Debt The Smart Way?
With the economy faltering, it is more important than ever to make sure you aren’t drowning in debt. Considering that household credit card debt averages are reported at about $8600, it’s likely that you are wondering what you can do to pay yours down in the smartest way possible and do it quickly! With your supplies in hand, the first thing you’ll need to do is create a new household budget. To do this, you’ll need to calculate your monthly income, after all payroll deductions are made. Take that amount and multiply it by however many pay periods you have in a year and then divide by 12 to get your monthly income. For example, if you earn $600 net every other week, you would multiply $600 by 26 pay periods and then divide by 12 months to arrive at a net monthly income of $1300. Once your net monthly income is determined, you can move on to the next step in creating a budget, which is to determine how much discretionary income you have after ALL of your fixed bills (except the credit c
