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Reducing Credit Card Debt

by Isabella Craig on 2013/12/09

reducing credit card debt


Tips To Reducing Credit Card Debt

 

Planning on reducing your credit card debt? A lot of people fall into the trap of credit card debt, until it becomes too late to repay it back and finally end up in bankruptcy.

But wait a minute; it’s not too late yet. All you need to do is to start reducing your credit card debt step-by-step and with a little time and effort, you will be able to pay off all your debts.

Here are some tips on reducing your credit card debt:

  • One card at a time – if you have multiple cards and you keep paying interest every month just to keep them going, you are not getting any closer to paying off your debts. The first thing to reduce your credit card debt is to target one card at a time.  

    Choose a card with the lowest balance and pay it off as soon as possible. Then go on to the next card. Targeting one card at a time makes it easier for you to pay it off faster.

  • Ask for a lower interest – all you need to do is to just make a simple phone call to your credit card agency and request them for a reduced interest rate.
  • If credit card companies know that you are truly interested in paying off your debts, they will definitely help you out in reducing your interest rates on your credit card because for them something is better than nothing.
  • Switch to a balance transfer credit cardbalance transfer credit cards have become popular today because they offer an introductory interest-free period.

Anything that you pay to the card would be going to the principal amount and not to the interest rate. This is one of the highly adopted options for people to cut down credit card debt.

The above tips will surely help you to reduce your credit card debts and regain your credit score.

Courtesy of CreditCardShoppe.com