Manage your credit cards

hand holding shopping bags
Manage your credit cards

Debt not only can impact your budget today, but it can also affect how much you save for your future.

Discover ways to shrink your debt. Get help if you need it. And break the debt cycle.

Making minimum payments on $10,000 in debt, at a 15% interest rate, would take just under 28 years to pay off and cost almost $12,000 in interest.*

borrowing could cost you infographic

* For illustrative purposes only. Assumes $10,000 debt and 15% interest rate.

Your countdown to reducing debt


Consolidate credit

Consider transferring your balances to one card with a lower rate. You also may be able to call your credit card companies to negotiate a lower interest rate. Consider all your options carefully. Remember, the point of consolidation is to pay off debt sooner and to save money while doing it.


Get out of the minimum trap

Dig deep and put as much money as possible toward your monthly payments.

credit card monthyl payments over time infographic

* For illustrative purposes only. Assumes an 18% monthly compounding interest rate; the amount due (principal plus interest) must be paid in full.


Break your debt dependence

You can stop accumulating additional debt by putting your cards away — right now. Start using cash or a debit card for purchases.

Now what?

Make a plan. Put together a written strategy to reduce — and ultimately eliminate — your debt. It won’t happen overnight, and it won’t be easy. Include realistic goals so you can celebrate as you achieve them. Check out this article on making a budget to get started.

Once you’ve paid your debt back, start to pay your savings forward. Remember, if you have a retirement plan with a company match, the company helps you save. So don't sacrifice that benefit.

This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, investment, accounting, legal or tax advice.