As easy as preventing credit card debt from increasing and by paying off what it is currently is reducing credit card debt. But if it's that simple to reduce credit card debt, then so many people won't have these problems. Credit card debt could be significantly reduced or finally eliminated.
Taking stock of your situation is the first step. When you've drawn up a schedule of all your credit cards, list the balance of each, APR, payment due date, other remarks, and reward points earned. You need to find out which card contributes the most to your debt and this will be the card with the highest balance and APR.
See if the rewards points scheme can be used to make partial payments, purchase items that you might have used the credit card to purchase, or cover fees.
There are ways to reduce credit card debt and consolidation loans is one of them. A balance transfer could help reduce your debt as well. This means transferring your credit card debt to the card that has the lowest APR. The best way to reduce your debt is curbing spending on the cards while repaying the debt you already built up.
Another preventive measure to reduce credit card debt is to use cash instead of card (hard earned cash is more difficult to get out of the pocket). Your credit card debt is reduced because you're not adding more to it. Helping you repay debts quicker is finding additional sources of income and saving money in terms of other fees and interest.
To control spending on your credit card, you may need considerable amount of self-discipline since we're used to using the card when we shop. One drastic solution is to cut up all but one card which should be kept for emergencies only. After you've paid the bills, you can only use available cash and you won't be able to use your cards.
A little a time is how you reduce credit card debt, similar to the way you built it up. Most of us have seen our credit card debt spiral over a considerable period of time - one item at a time. If you reduce the debt one payment at a time and with discipline and patience, you'll reduce or completely eliminate your debt.
Taking stock of your situation is the first step. When you've drawn up a schedule of all your credit cards, list the balance of each, APR, payment due date, other remarks, and reward points earned. You need to find out which card contributes the most to your debt and this will be the card with the highest balance and APR.
See if the rewards points scheme can be used to make partial payments, purchase items that you might have used the credit card to purchase, or cover fees.
There are ways to reduce credit card debt and consolidation loans is one of them. A balance transfer could help reduce your debt as well. This means transferring your credit card debt to the card that has the lowest APR. The best way to reduce your debt is curbing spending on the cards while repaying the debt you already built up.
Another preventive measure to reduce credit card debt is to use cash instead of card (hard earned cash is more difficult to get out of the pocket). Your credit card debt is reduced because you're not adding more to it. Helping you repay debts quicker is finding additional sources of income and saving money in terms of other fees and interest.
To control spending on your credit card, you may need considerable amount of self-discipline since we're used to using the card when we shop. One drastic solution is to cut up all but one card which should be kept for emergencies only. After you've paid the bills, you can only use available cash and you won't be able to use your cards.
A little a time is how you reduce credit card debt, similar to the way you built it up. Most of us have seen our credit card debt spiral over a considerable period of time - one item at a time. If you reduce the debt one payment at a time and with discipline and patience, you'll reduce or completely eliminate your debt.
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