Easy, Doable Ways to Reduce Credit Card Debt

Wealthy people don’t leave unresolved debt in their credit cards. If you ever have dreams of being financially stable and well, then getting rid of credit card debt is one of the basic things you need to do. Here are a couple of tips to get you running.

  • Pay up the card with the lowest debt
    • The feeling of closing one credit card gives enough boost to keep on going and settle others. Regardless if it is the lowest balance that you have, sometimes all you need is the push and motivation to keep going.
  • Go on a credit card fast
    • Do not use the plastic card as much as possible. Be it for groceries or mall purchases, don’t purchase if you don’t have the cash to buy it. Go only as far as where your bills will take you. Removing your dependency on credit cards will greatly help your spending habits in the future
  • Get rid of a vice or a habit
    • Be it your morning coffee or a pack of cigarettes, or the post-workout frozen yogurt you always have, try to make sacrifices. These guilty pleasures are sometimes automatic purchases that we sometimes end up making even if we have no cash, and as a result, we end up using our cards.
  • Look for additional income
    • For the time being that you are paying off your debt, you can earn extra cash that you could add to your payments through a part time business or extra hours at work.
  • Always pay on time
    • Credit card companies slap different kinds of fees and penalties for not settling the full amount, for paying late, and for exceeding your credit limit. These fees can add significant numbers to your bill that will make you pay for more than what you spent. Avoid these penalties by always ensuring to at least pay on time
  • Delay your gratification
    • Use the 48 hour rule. If you are itching to make a big, major purchase give it 48 hours before actually buying the product to be sure that you need it. Sometimes, we are driven by the excitement that we sometimes overlook that we can survive without the item.