Citizens Bancshares : Pay Down Your Debit or Consolidate? You Decide.

If you have more than $10,000 in credit card debt, now's the time to get rid of it. Should you pay it down or consolidate and pay it at a lower rate? The information below can help you decide what's best for you:

Most financial experts advise paying down your debt because it puts you in a stronger financial position overall. Here are a few ways you can make this happen:

• Pay more than the minimum payment required. You'll pay down the balance faster and avoid interest charges. Try to double your payment if possible. You can either do this in one payment each month or pay the minimum payment twice a month. But, the key here is to pay more than the minimum.
• Focus on your largest interest rate or smallest balance first. Most people focus on the smallest balance so they can feel a sense of accomplishment. Take the amount you paid on this card and pay that amount to the next highest balance you have and so on. If your balances are similar, focus on the one with the highest rate first - it'll save you the most over time.
• Redefine your spending habits. You have to change your mindset if you want to pay off your debt. If you can't pay for it in cash or pay it off at the end of the month, don't buy it. Your goal is repaying debt, so don't add to it each month.

Another way to eliminate debt is to consolidate and transfer your balances to a lower rate card.

What are the benefits? You'll make one payment at a lower rate than what you may be paying over time. Meaning you can pay down your balance from a higher rate card to a credit card offering a lower rate.

What's the downside? To avoid new debt, you need to cut up your other cards (or don't use them or focus on new spending habits. Just be cautious about what you're doing when consolidating.

Learn more about how to consolidate or pay down your debt. Consider transferring a high rate credit card balance to one of the Citizens Trust Bank credit cards today. Visit one of our Financial Center locations or visit us online today. Transfer Now and Save.