TIPS TO PAY OFF CREDIT CARDS FAST.

Income Report

Guess what, I just paid off my credit card debt worth $1,589.01.

I hate using credit card. Pulling out a card and swipe is mindless. Every two weeks my average spending is around $800. I know I know…it is way too much. I ask myself all the times why am I spending this much.

The average American has a credit card balance of $6,375, up nearly 3 percent from last year, according to Experian’s annual study on the state of credit and debt in America

Credit card debt by the number and how to pay it off

My goal for 2019 is to keep a tight budget: max $600 every two weeks. Overall, I think using a credit card is ok as long as you are following these three tips:

Keep the spending within budget

Set a limitation: how much you can afford to spend within the next two weeks. A budget works for me because:

• My mind will remind me: hey, you only have $600 to spend this next two weeks, be wise.
• It also pre-set some flexibility of how much I can spend.

Setting a manageable budget depends on your income. The general rule of thumb is 20% of your bi-weekly paycheck. For example, if you take in $2,000 every two weeks, your credit card budget should be $400.

Related: HOW TO STOP OVERSPENDING ON YOUR CREDIT CARD

Pay it off every 2 weeks

Two weeks is an excellent timeline because it is manageable for two reasons:

• It is enough time for me to still stay focus on the credit card balance
• Paying off a smaller balance will not make such a big impact on my paycheck.

What I meant is I rather pay $600 every two weeks versus paying $1,200 a month, assuming I spent $600 bi-weekly. $1,200 is just too much for me.

Treat your card like a human being: with emotion

Every time I go over my budget, I think about how angry my credit card gets. And I don’t want to make any one angry 🙂

If you want to read more about , here are a few articles that I recommend:

https://www.cnbc.com/2018/01/23/credit-card-debt-hits-record-high.html

https://www.experian.com/blogs/ask-experian/state-of-credit/

https://www.valuepenguin.com/average-credit-card-debt

https://www.businessinsider.com/average-credit-card-debt-in-every-state-ranked-2018-8#51-ohio-1

Product of the day

Mens Slim Front Pocket Wallet Genuine LeatherWallet $10.99 on Amazon

If you carry mainly cards and not a lot of cash, this is perfect for you. I love this because I always only bring $40 in cash, and the rest are cards. I have had it for about a year now it’s still in excellent condition.

• Material: 100% Head layer genuine leather, soft, breathable comfortable. The lining was made of polyester, smooth and durable.
• Size: 10.6cm*7.6cm*1cm, great fit for use. It is easy to put into your front/back pockets.
• Capacity: 1 display window, 5 card slots and one pocket for about 40 business cards.

Rich Dad Poor Dad Paper Back $15.20 from Amazon

This book was the first book I read when I started this journey as an entrepreneur. It has inspired me so much.

The author, Robert Kiyosaki, made me feel like I belong, that my mindset about money is right and I am heading in the right direction. I think you should give it a read too.

Your turn

Do you have credit card debt? What is your spending habit and how often do you pay your credit debt? Have a good day guys.