What To Do If You Have Credit Card Debt

If you’re only making minimum payments on your credit card, watch this video. Kelley Keehn explains an easy move you can make to significantly slash your interest rate—and your stress.

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If you’re just paying your minimum payment on your credit card, for example, you’re maxed out.

You’re just like, why would I even look at it? I don’t have any more money to pay. Well, first of all, no one gets their credit card statement in the mail anymore. Very few of us do. If you did, you would see that. Let’s say if you missed a payment, for example, your 24% interest rate credit card is now gone to 28%.

The fine print would say until you’ve made at least six months of payments again on time. Now no one is going to come and knock on your door and say, Hey, you know what? Almost every major bank, well every major bank has a credit card at just about half that rate. Yes, there’s no bells and whistles. Yes, you’re not getting the points.

That is not your concern if you’re maxed out on your credit card. So if you did nothing more, but call up your bank and say, get me out of the 24% one into the 12.99, you’ve now have pretty much your interest rate and you’re going to be debt free a lot sooner on that credit card. So, David, getting people out of apathy and, breaking free that shame and trying to normalize the conversations is my mission

Yeah, no, that’s all very well said. And that example is bang on. They can look for a lower interest rate credit card and do some switching, et cetera.