Not paying on time: There are the late payment fees, which can run into the hundreds every month, and you also miss out on ‘interest free period’ offerings for any new purchases.
Only making the minimum payment: If you are only covering the interest, then it’s dead money. You need to pay as much above the minimum as you can.
Not communicating with your bank: If you cannot make this month’s payment, then get on the phone. The bank can defer the payment’s due date, which will save you the late fee.
Consolidating and not closing: If you consolidate or transfer your balance, close your other debts. An empty credit card will find an expense.
Trying to get out of debt without a plan: You need a plan to pay down debt, which includes having a budget and a timeline.
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