1-2-1: Plan to Pay Off Credit Cards and 66 Days to a Better You!
Happy One 2 One Day!
Here is 1 tip, 2 quotes, and 1 habit to consider this month.
1 Tip: Paying off Credit Cards ― Commit to a Plan
Break the cycle, and pay off credit cards with a plan of action. Consider doing the following:
- Pay off the card with the highest interest rate first OR start with the smallest balance.
- Once you pay off one card, use “extra” money to pay off the next credit card with a bigger monthly payment.
- Always pay more than the minimum payment. You’ll pay less in interest overall. Paying only the minimum could put your credit score at risk, and you will remain in debt longer.
- Reduce using the cards or stop altogether. Remove it from your wallet or purse, and you’re less likely to use it!
- Another option is to consolidate your debt with a lower interest loan. But this option is only for people who qualify for a new loan and have done most of the steps above.
Commit to the plan and avoid any unnecessary spending. You will be relieved when you see those balances go down and eliminated altogether!
2 Quotes from Others
“You want 21 percent risk free? Pay off your credit cards.” ― Andrew Tobias
“All big things come from small beginnings. The seed of every habit is a single, tiny decision. But as that decision is repeated, a habit sprouts and grows stronger.” ― James Clear, Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones
1 Habit: 66 days for habits to stick!
A study from the University of College London examined the habits of 96 people over a 12-week period. On average, it takes more than 2 months before a new behavior becomes automatic — 66 days to be exact.
If you want to throw in the towel after a few weeks, don’t! It will take longer than that to change a habit. It’s also expected that you will fail along the way. The takeaway from this study is that progress is what’s important. A few setbacks did not prevent people from changing their behavior in the long run. Keep on the path, and eventually your new habit will stick!