Taming your credit card debt

It's tempting to rely on credit cards to get you through lean times. Before you go wild with the plastic, though, remember that it's much easier to get into debt than out of it.

Use these six tips to help you maintain control of your debt.

Tip #1: Don't spend more than you earn

Don't overspend your income. Avoid using credit cards for everyday purchases that could easily be paid with cash. Remember, willpower goes a long way.

Tip #2: Get a handle on what you owe

If you carry a balance on one or more cards, the key is to pay more than the minimum each month to reduce the debt more quickly or, better yet, pay the balance in full. These good habits will also help build a strong credit history.

Tip #3: Close your eyes when you get the mail

Avoid the temptation of the parade of credit card offers that entice you with low introductory rates and balance transfers. Applying for new cards all the time can ding your credit score.

Tip #4: Stick to a budget

By balancing your income against expenses, you'll keep a firm grip on wasteful spending. If housing costs, transportation and food eat up the greatest share of your monthly budget, then consider living with a roommate, carpool to work at least a few times a week, and dine in instead of out. You may miss the social scene, but your wallet won't.

Tip #5: Build up some emergency savings

Setting aside a little every month helps prevent the need to put a surprise expense on a credit card. Medical or car troubles can rack up debt in no time. An emergency fund will make it a lot easier to handle when the unexpected arises.

Tip #6: Consolidate debt

If you have credit card debt, you may be able to consolidate higher rate debt with a Personal Loan. It could lower your monthly payments and you'll pay less interest. You may even be preapproved!

To learn more about Personal Loans call us at 1-800-288-3425, send us a secure message in Think Online, or visit any Think Bank office.

We can help

If you'd like to consolidate debt call us at 1-800-288-3425, send us a secure message in Think Online, or visit any Think Bank office.

* Monthly payment listed is approximate and include OPTIONAL Single Credit Life Insurance. Payment example shown is based on a fixed rate Personal loan. Rate shown is current as of 02/15/2020 and subject to change.
** National average variable credit card rate. Source: Bankrate.com: 01/22/2020 and subject to change. Monthly payment listed is approximate. Example assumes no additional credit charges are incurred.
*** APR = Annual Percentage Rate. Rate current as of 02/15/2020 and subject to change.
Other amounts and terms available. Standard underwriting guidelines apply.