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David’s Credit Card Debt and Debt Strategy

Build Credit and Control Debt

 

Take Steps to Control Your Debt

Using David’s credit card debt below (or another) as an example, complete your own online, or download a spreadsheet or PDF.

web xls pdf

Complete your own online


Take a look at how the other people of Building Wealth determined their strategies to build credit and reduce debt.

David’s Credit Card Debt

David’s Credit Cards

Debt

Interest rate

Monthly interest*

Airline Perks Card

$
5,000

15.0
%

$
62.46

A/C Supply Acct.

$
7,000

22.0
%

$
128.28

Gasoline Card

$
2,500

15.0
%

$
31.25


*Interest rate divided by 12 months multiplied by the amount of debt.


David’s Debt Strategy

My strategy for reducing credit card debt includes:

1.
Pay off the high-interest-rate balance first.

2.
Discuss our progress on staying within our budget every week.

3.
Check our credit on www.annualcreditreport.com to make sure everything on the report is accurate.


Back to Chapter 4

From Chapter 4: Build Credit and Control Debt