In a study
conducted by Creditcards.com it was estimated that the average adult with a credit card maintains debt on those credit cards in excess of
$5,600. This amount is staggering,
and many people are searching for opportunities to reduce their credit card debt
but are uncertain as how to get started. Here are some simple to
implement credit card debt reduction tips.
- Stop
using them - all too often, having a credit card in our wallets
is like having permission to purchase anything we want at any time. Rather
than carrying your credit card (or cards) with you, leave them at home. If
you commit to using your credit cards only for emergency purposes, this
will be one way to immediately reduce your credit card debt. Avoid using
your credit cards for "want-to-have" items instead of saving for
them.
- Consider
consolidation - check all credit cards and determine which one has
the lowest APR. Once you do that contact them and ask about transferring
balances from your higher APR cards. If this is not possible, consider
searching for a lower APR credit card and consolidating all your balances
to that card. Some credit card companies may offer 0% APR for a specific
period of time for transferred balances.
- Contact
Creditor - contact your credit card company and ask them if they
would be willing to consider a reduction in your APR. This can be
accomplished if you have an excellent history with the card company. Many
card companies are willing to negotiate if you are not delinquent in your
payments.
- Double
payments - instead of making your minimum monthly payment, try
making payments that are equal to two monthly payments each month. This
will help reduce the interest you are paying on your credit cards and help
lower your balances faster. This is especially helpful if you are double
paying your higher interest rate cards.
Instead of swimming in credit card debt, plan today to help
reduce the amount you owe. If you use these simple to follow credit card debt
reduction tips, you may soon find your credit card debt down to far more
manageable levels. Get free of credit card debt beginning today. Remember, you
did not accumulate your credit card debt in one day, and credit card debt
reduction will not happen overnight. Using a sensible plan, you can free
yourself of your credit card debt.
