Our Debt Management Plan: Take into account your personal situation and what you can manage. These are our personal tips on what worked for us.

1. Decide which credit cards to pay off first

Optimally, the one with the smallest debt will have the highest interest rate. It’s important to tackle the highest interest rate cards first.

2. Set up automatic payments

This is the best way to take away the worry and angst. you can stop focusing on the debt. We set up the automatic payments of the minimum amount + a little extra.

3. Pay down large chunks

You’ve got to slice off massive chunks of that debt to pay them off faster and with less interest. It was a given that any extra money that found it’s way to us, it was put on the debt. 

4. Find the cards with the best interest rates

If you can, do some research on the credit cards that offer the best interest rates. Or talk to your own bank to see how they can help you.

5. Transfer the debt to cards with no interest terms

For our last credit card, we moved the balance over to a new card that had an interest free introductory offer for six months.

Do you still use credit cards?

If you have a solid income stream, and your expenses are covered, you can use credit card again BUT never to buy anything you can’t afford.