Simply put, it's easy to reduce credit card debt just as it's easy to prevent it from increasing and by paying off what it is currently. But then people wouldn't have credit card related problems in reality if it was simple to reduce credit card debt. Credit card debt could be significantly reduced or finally eliminated.
The first step is to take stock of your situation. What you can do is list the balance of each credit card, the payment due date, APR, and reward points earned when you've drawn up a schedule of all of them. The card with the highest APR and balance is the one which is contributing the most to your debt and this is what you need to work out.
Check the reward points scheme and see if they can be used to make partial payments, cover fees or be used to purchase items that you might have used the credit card to purchase.
Consolidation loans is a way to reduce your credit card debt. A balance transfer could help reduce your debt as well. What this means is your credit card debt can be transferred to the card with the lowest APR. Of course, curbing spending on the cards is the best way to reduce your debt, while you repay the debt already built up.
Hard earned cash is harder to get out of the pocket which is why another preventive measure to reduce credit card debt is using cash instead of card. By not adding more to your debt, you reduce your credit card debt. You save money in terms of interest and other fees when you find additional sources of income to help you repay debts quicker.
Since we're used to whipping out the plastic when we shop, a considerable amount of self-discipline is needed to control spending on your credit card. Cutting up all but one card which should only be used for emergencies is one drastic solution. That way you won't be able to use them, and will only be able to spend the cash you have available - after you have paid the bills of course!
A little a time is how you reduce credit card debt, similar to the way you built it up. Our credit card debt spiral over a considerable period of time and this is something most of us have seen. You can reduce if not eliminate your debt completely if you reduce the debt one payment at a time with discipline and patience.
The first step is to take stock of your situation. What you can do is list the balance of each credit card, the payment due date, APR, and reward points earned when you've drawn up a schedule of all of them. The card with the highest APR and balance is the one which is contributing the most to your debt and this is what you need to work out.
Check the reward points scheme and see if they can be used to make partial payments, cover fees or be used to purchase items that you might have used the credit card to purchase.
Consolidation loans is a way to reduce your credit card debt. A balance transfer could help reduce your debt as well. What this means is your credit card debt can be transferred to the card with the lowest APR. Of course, curbing spending on the cards is the best way to reduce your debt, while you repay the debt already built up.
Hard earned cash is harder to get out of the pocket which is why another preventive measure to reduce credit card debt is using cash instead of card. By not adding more to your debt, you reduce your credit card debt. You save money in terms of interest and other fees when you find additional sources of income to help you repay debts quicker.
Since we're used to whipping out the plastic when we shop, a considerable amount of self-discipline is needed to control spending on your credit card. Cutting up all but one card which should only be used for emergencies is one drastic solution. That way you won't be able to use them, and will only be able to spend the cash you have available - after you have paid the bills of course!
A little a time is how you reduce credit card debt, similar to the way you built it up. Our credit card debt spiral over a considerable period of time and this is something most of us have seen. You can reduce if not eliminate your debt completely if you reduce the debt one payment at a time with discipline and patience.
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