What is one effective strategy for managing credit card debt?

Answer:

Ensuring that all of your credit card bills are paid on time

explaination:

One effective strategy for managing credit card debt is to ensure that all of your credit card bills are paid on time. This practice helps you avoid late fees and penalties, which can add to your debt. Additionally, timely payments contribute positively to your credit score, making it easier to obtain loans or credit in the future. On the other hand, paying only the minimum monthly payment can lead to accumulating more interest over time, prolonging the repayment period and making it harder to get out of debt. Therefore, it is crucial to pay more than the minimum whenever possible and to stay on top of your payment schedule.

Topic: Personal Finance, Credit Management

Tags: credit cards debt management personal finance credit score

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What is one effective strategy for managing credit card debt?

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