Personal Finance Buzz

Making Debt Reduction a fun process encourages people to stick with a self directed repayment plan.

Creating a debt pay down plan can seem a daunting task, but it doesn’t have to be. You can put together a credit card debt reduction plan in 55 seconds or less.

When couples work with me often one of the first things they want to tackle is getting rid of debt. As married women entrepreneurs we often have some form of debt from investing in our businesses. Usually we carry that debt in the form of credit card debt. I want to give you some tips that you want to keep in mind for creating a debt pay off plan.

Right now, the average American carries $4,284 on credit card statements, according to a recent Experian study. However, that doesn’t mean you can’t plan to get out of debt. THere are 5 ways to pay down your credit card debt.

The Credit CARD Act requires credit card issuers to disclose on your monthly statement how much it will cost, and how long it will take, to pay off your credit card balance if you just make minimum payments. It’s a provision that has been applauded by consumer educators, myself included. But all is not as it seems here, and consumers who take what their statements say at face value may find themselves still stuck on the proverbial treadmill, paying faithfully each month but not getting out of debt for a very long time.

5 tips for maximizing your debt repayment plan.