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By paying your debt shortly after it's charged, you can help prevent your credit utilization rate from rising above the preferred 30% mark and improve your. 1. Understand how the debt happened · 2. Consider debt payoff strategies · 3. Pay more than the minimum · 4. Reduce spending · 5. Switch to cash · 6. Consolidate or. This article explains why it's important to pay off your credit card debt every month for financial stability. Know your credit score · Subscribe to Kiplinger's Personal Finance · Sign up for Kiplinger's Free E-Newsletters · Take stock of your debt · Balance transfer cards. Step 1: Make all your minimum payments · Step 2: Build up a cash buffer · Step 3: Capture the full employer match · Step 4: Pay off any credit card debt · Step 5.
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