Four steps to cut credit card debt

06/03/2012

The Australian Securities and Investment Commission’s MoneySmart service has published four top tips for paying off your credit card debt:

1. Stop adding more debt to your credit card.
2. Pay more than the minimum repayment – even an extra $50 per month will make a big difference.
3. Set up a direct debit to pay a fixed amount off your credit card balance each payday.
4. If you have more than one card, pay off the card with the highest interest rate first.

Source: ASIC