Skip to content

Gabby’s Credit Card Debt and Debt Strategy

Build Credit and Control Debt

 

Take Steps to Control Your Debt

Using Gabby’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.

Gabby’s Credit Card Debt

Gabby’s Credit Cards

Debt

Interest rate

Monthly interest*

Store 1

$
1,500

22.00
%

$
27.50

Store 2

$
1,600

24.00
%

$
32.00

Bank card

$
2,500

18.00
%

$
37.50


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


Gabby’s Debt Strategy

My strategy for reducing credit card debt includes:

1.
Check my credit report on www.annualcreditreport.com .

2.
Pay an extra $100 a month on my highest-interest-rate card.

3.
Use only the lowest-interest-rate card from now on.

4.
After reducing balances, I will apply for a new card with lower interest rate.


Back to Chapter 4

From Chapter 4: Build Credit and Control Debt