Although I am a licensed attorney, I do not practice law. Yet, I combine my passion for personal finances by helping people as a licensed registered investment advisor and providing holistic wealth advising for goal-oriented individuals. This blog aligns with my passion for sharing my knowledge with goal-driven individuals looking to enhance their financial literacy and amplify their wealth. Welcome!
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Did you ever wonder how to get rid of credit card debt? Having a value-driven personalized financial plan is a great way to eliminate debt. By making financial decisions that align with your values, you are more likely to succeed and reach your financial goals. So what are you waiting for?
Think about what you value most.
What is the life that you want to live?
I know you are reading this because you want to eliminate your debt.
You likely have high-interest debt that is causing you financial stress and anxiety.
But there is more to getting this right that is important.
Having a personalized plan that embraces your bigger financial picture and includes how you will eliminate your debt is the answer to your success.
Amplify My Wealth has created a free guide, The Guide To Living The Life You Want, the ultimate goalsetting guide. We also have a fantastic goalsetting calculator. Together these free tools can help you get on your way to living the life you want.
The following resource will take you further, guiding you with Three Vital Steps To Planning Your Personal Finances. Once you have accessed all these resources, you will be even more ready than you imagined to eliminate your debt.
To achieve the most success in getting rid of credit card debt, it is essential that you:
The people in your life may make eliminating debt easier or more challenging. Don’t forget to listen to the Stacking Benjamins Podcast I linked to in one of the resources.
Mathematically you will pay the least amount of money to eliminate your debt by using the avalanche method to eliminate your debt. When using the avalanche method, while paying the minimum on each credit card, you pay other available money towards eliminating the debt on the card that is charging the greatest interest rate first. Once you pay that off, you take the payment amount you had been paying towards the highest debt card, add that to the minimum payment of the next highest interest rate card, and continue until you get rid of all your credit card debt.
When following the snowball method to get rid of credit card debt while paying the minimum payment for each card, you put the extra money towards paying off the smallest balance first. After paying off the smallest balance, you take the extra money allocated each month to the card initially paid off, add that amount towards the next smallest, and continue until you eliminate all the credit card debt.
There is no right or wrong decision concerning choosing the avalanche or snowball method to eliminate your credit card debt.
Your finances are personal. You should always make the best-informed decision whenever your finances are involved.
Indeed, do not let analysis paralysis get in the way of getting rid of your credit card debt because it costs you money, which compounds even more over time.
Finance can be overwhelming.
Empower yourself with the resources I shared with you. Ask me anything in the comments below.
Partnering with a financial advisor that can create your personalized financial plan and advice can make a big difference when you get rid of credit card debt.
Find out how we can partner and schedule an appointment to discuss your next best steps to eliminate credit card debt.
I am here for you!