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How to Pay Off Credit Card Debt When You Have No Money
Paying off debt isn’t always easy, especially if you aren’t earning any income.
However, it is definitely possible to pay off debt, but not without making a few financial changes first.
With some strategizing and effort, it’s possible to make the changes that are needed so you can pay off your credit cards.
Here’s how to reduce credit card debt when you have little income.
1. Stop Creating Debt
The first step to getting rid of debt is to stop accruing more debt.
Don’t close your account because it could hurt your credit score, but make sure that you’re not reaching for your credit cards every time you are in need of funds.
The more debt you have, the higher your monthly payments and the longer it will take you to pay back your debt.
If you’re really serious about paying off your debt on time, you have to start finding ways to live off your income.
2. Assess your finances
You have to assess your situation in order to develop a plan to pay off your debt.
Find out how much you need to pay off, your interest rates, and how much you can prioritize to pay off each month.