One of the biggest problems that most people have when they try to stay on a budget is that their credit cards keep getting them into trouble. If you’re going crazy with credit and getting in over your head there are, thankfully, a few ways that you can lower your credit card debt and get those bills under control. Read on to find out how and get yourself out from under that weight.
First and foremost you need to understand that this debt is not going to be extremely easy to pay off, but that paying it off will give you more financial stability and allow you to accumulate wealth for yourself, your family and your future. It’s hard but the rewards are certainly worth the sacrifice.
An excellent way to keep from accumulating more debt is to cut up all credit cards except 1, and only use that one for emergency purchases.
Using Debit cards is a much better way go if you use plastic because you won’t be accruing debt when you use them. Of course you also need to make sure that you don’t use up all your liquid cash too, but knowing that the Debit card is linked directly to your bank account should help you in that regard.
Negotiating with your credit card company is very important, especially if you may be close to overdue or having trouble keeping up with your payments. Letting them know this ahead of time, before they start charging you with late fees, is much better and will put you in a position to negotiate a lower rate that will help ease the burden on bill pay day.
Paying off credit cards with the highest APR first is the best way to pay down that CC debt. Pay the minimum on the others until you have it paid off and then start with the next, going down the line until they are all paid.
If possible double the minimum payment due on your balance. The fact is, the longer you take to pay the more you’re going to pay and if you only pay the minimum that could end up being a long time. Pay more than the minimum and you’ll save in the long run and save big.
These are some of the best ways to lower your CC debt and start building wealth for yourself. One of the final bits of advice; before buying anything, ask yourself if you really, truly need it. If you can’t say ‘yes’ with resounding certainty then you probably shouldn’t buy it.