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Banking / Credit Cards / Four steps to cut credit card debt

Four steps to cut credit card debt


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

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