Simple and Easy Ways to Reduce Credit Card Debt
If your credit score is good, apply for a credit card with low fixed interest. Transfer the debt from your high-interest credit cards onto your new lower interest rate credit card. This can help to reduce credit card debt.
Start to Pay Cash
Start paying cash – If you pay cash for items, they will never accrue interest. Many recommend not to use credit cards for gas and food since they are perishable. The thinking is you’ll be paying interest for years on something that was used and forgotten. Credit debt is credit debt no matter what you spend it on. Whether it’s a tank of gas or something long term, such as a laptop computer. Paying cash will start to slow the growth of debt.
Start to Pay Down Debt Reduce Credit Card Debt
Pay your lowest credit card balance and the card with the highest interest rate first. The reason is you want to accomplish something. The smallest credit card should be paid off, so that receive an emotional high from accomplishing something. Sure it is a small victory, but it feels good. Now it’s time to accomplish something big. Pay off the credit card with the highest interest. When you pay off the credit card with the highest interest rate, you are slowing down the growth of your debt through interest and tat will reduce credit card debt. Finally, try getting a balance transfer card.
If you feel like your credit cards are too much of a temptation get them out of your sight. Furthermore, you can cut them up in extreme situation but do not cancel them without more thought. You could lower your credit score if you cancel them. You can freeze them in a block of ice. Give them to someone you trust to keep them away from you, even if you plead for them back. Tie a string around your cards like you would on your finger to remind you not to use them. You get the point.
Track Your Spending Each Day and Reduce Credit Card Debt
Start tracking your spending. You can write down everything you spend in a day; this would be a spending diary at the end of the day you can review your entries. The benefit would be that you would realize how much you spend in a day and whether it was all necessary. Also, there are helpful online programs that will help you track your spending. Some of these programs are available as apps for smartphones and tablets.
Get the Help You Need With Your Credit Card Debt
In conclusion, if your debt is so out of control or you feel emotional that it is, seek help. Help can come in many forms. You can receive help from family and friends. Help can come from a financial advisor. You may need debt relief help through bankruptcy. In addition, you may realize that your debt problems may stem from a compulsion and you may need to seek the help of a professional. Finally, the truth is that most adults experience difficulties with credit card debt in their lifetime. Lastly, being honest with yourself is the best way to make real changes, and reduce credit card debt.
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I got a lot of my credit card debt in control. One thing I got from this article is that I can buy more things with cash and I’ll lower the amount of money I pay in interest. It sounds obvious, but I guess I am just use to pulling out my credit card to pay for everything.