10 Easy Steps to Lower Credit Card Debt

10 Easy Steps to Lower Credit Card

Debt

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It’s very unusual today to meet someone without any credit card debt...

Whether you’re stuck making minimum payments while you watch your debts get higher every day, or you have a huge number of credit cards that you need to bring back under your control.

there are many ways to lower your credit card debts and reign in your out-of-control finances.....

#1:REIGN IN YOUR GUILT

If you think you’re already in too far find a solution, it’s easily to

justify the “I can’t fix it, so I might as well break it further” line of

thinking.

#2: DON’T TAKE ALL YOUR CARDS WITH YOU EVERYWHERE YOU GO

This will make it easier to keep track of your spending and

decrease your debt instead of adding to it.

#3: WHEN POSSIBLE, USE A DEBIT CARD

Instead of pulling out your credit card when you’re short on cash, use your

debit card instead.

#4: BE FAMILIAR WITH INTEREST RATES

Interest rates on credit cards can be incredibly high, so a key component of lowering your debt is knowing how

much interest you’re paying and how it affects the length of time it will take to pay off your

credit card balance.

#5: LOWER YOUR INTEREST RATE

Most credit card companies will be willing to lower your

interest rate, especially if you indicate that you are willing to cancel your card and move to another company that offers

lower rates.

#6: OBTAIN A NEW CARD WITH A LOWER INTEREST RATE

If your credit card company isn’t willing to lower your rate, consider

transferring your balance to a lower-rate card.

#7: ADHERE TO DEADLINES

Consistent late payments can also negatively impact your credit score.

#8: BE AWARE OF ANNUAL FEES

Before choosing a credit card with an annual fee, do the math to

make sure the fees will cost less than the potential accumulated

interest.

#9: IF ALL ELSE FAILS, GO TO A PERSONAL FINANCE COUNSELOR

Consumer credit counselors and debt management companies are there to help people who are truly in over their heads when it

comes to their credit card debt.

#10: GET STARTED NOW

There’s no time like the present to start; delaying will

only allow the situation to grow further out of your

control.

10 Easy Steps to Lower Credit Card Debthttp://www.badcreditresources.com/articles/10-easy-steps-lower-credit-card-debts/

Related Article:

Credit Card Debt and You

http://www.badcreditresources.com/articles/credit-card-debt-and-you/

Some Tips on Managing Credit Card Debt

http://www.badcreditresources.com/articles/some-tips-on-managing-credit-card-debt/