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Credit - Head Matters


4. Identify Ways to Avoid or Correct Credit Problems

c.    List Possible Actions a Consumer Could Take In Response to Excessive Debt  (continued)

Step 3: Use our debt repayment calculators to find out how you can meet your debt repayment goals.

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If your debt includes balances on multiple credit cards. Our Roll down credit card debt calculator can help you manage your repayment. The credit card roll-down calculator applies two simple principles to paying off your credit card debt.

Roll-Down Your Credit Card Debt!

The credit card roll-down applies two simple principles to paying off your credit card debt.
  1. Pay off your highest interest rate first.
  2. When a credit card balance is paid in full, apply its monthly payment to the balance with the next highest interest rate.
To see how this can be applied to your credit card debt, enter your credit card balances and an additional Roll-down amount. The calculator will then apply your additional monthly payment to the credit card with the highest rate. When that credit card is paid in full, the card with the next highest rate will be paid down. This continues until you have rolled through all of your credit cards and your debt is paid in full. Click the "View Report" button for a detailed look at the results.

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Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

Getting help
If you feel like you need someone to rescue you from debt because you don’t believe you have the will power—please be careful. Stay away from “credit repair” companies. Legitimate, nonprofit, community-based counseling organizations provide a much-needed service to people who are having credit problems. Don’t confuse the organizations with so-called credit repair companies that offer to fix your credit history for a fee. It can’t be done. Only you can repair your bad credit by repaying your debts and paying your current bills on time. Promises such as, “we can erase your bad credit, 100 percent guaranteed,” are not true. To check out a company’s reputation, call the Better Business Bureau ( or your state’s Attorney General. Visit the Colorado Attorney General's Consumer Resource Guide.

Beware of identity theft and scams—never give your personal information out until you’ve checked the credentials and reputation of an organization that offers credit repair services
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