Credit Card Debts – $58,961

This is the latest update of my credit card debts for the month of April, that is $58,961. Yeahoo…there is a bit decrease.

I managed to stop myself from using credit cards this month. Yes, only CASH.

Let me share with you my 4 simple steps to reduce my credit card debts.

1. Cut Off Some of the Credit Cards. Now, I only have 2 cards with me and my hubby has only one card. If you have made up your mind to pay off your credit card debts, this should be your first step. This can avoid adding extra charges into your existing amount of debts.

2. Convert Your Credit Cards into Term Loans. Convert some of the credit card debts into term loans which charge lower interest, from 9% to 12% per annum.

3. Use Cash Only.

4. Make Your Repayment Early or on Time.

This is a very good start. Remember, well begun is half done !

Simplify your life. Follow the simplest steps again and again. Persistence is the key that I am using now to unlock the door to debt free life.