If you’re looking for ways to handle the amount of credit card debt you have, check out these ways to start paying your balance down:

  1. Take inventory. How many credit cards do you have? What's the balance and minimum monthly payment on each? What's the total balance? If it's more than you thought or can afford, it's time to pare down.
  2. Check out the cost of your credit cards. What's the interest rate on each card? What's the annual fee? Does your card offer a grace period? Late fee? If the card doesn't have a grace period, or if you carry over a balance, or take a cash advance, you're usually charged interest right away.
  3. Get one low-fee or lower-interest card and use it wisely. Make NEFCU your first stop when starting your search. Transfer your balance from a high-interest rate card to a VISA® from NEFCU and save money on monthly interest.
  4. Make the largest monthly payment you can afford. Even though you may not be able to pay your balance in full, paying the monthly minimum may do little more than cover the accrued interest.
  5. Watch out for "teaser rates." Your mailbox may be brimming with unsolicited credit card offers from big lenders that promise attractive low-interest rates. But if you read the fine print, you'll see that after six months or so the issuer may double the low introductory rate.
  6. If you get in over your head, reach out! If you're having trouble making your monthly payments, call us at 866.80.LOANS or visit nefcu.com for more information on consolidation options.