Tips For Paying Off Credit Card Debt | Ways To Reduce Debt

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Tips For Paying Off Credit Card Debt ? Finance

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It seems like every one has credit cards these days in fact many people have multiple credit cards. The sad fact is that many people also carry quite a bit of credit card debt. The deeper you get into debt, the harder it can be to climb out of the hole. This article is going to give you some tips for paying off credit card debt so that you can climb out of that hole and see a light at the end of the tunnel.

1. Stop spending so much money.

I know that is easier said than done but if you can reduce your spending you can take that extra money and use it to pay down credit card debt. You may have to cut back on some things that you?ve become accustomed to but if it is at all possible to cut back on spending this will help you tremendously when it comes to paying down your debt. Another benefit is that the more you pay down your debt the faster and easier it becomes to pay down more debt because if you?re paying down the principal amount than the interest and finance charges will be smaller and your monthly minimum payments will go down. If your monthly minimums do go down it is still a good idea to pay as much as possible toward the principal so that you can get it paid off.

2. Consolidate your credit card debt.

If you have a credit card that is charging you 25% interest it would be great if you could transfer that debt to an account that is charging you 7% to 10% interest. One way to do this would be with a home equity loan or line of credit. If you are not a homeowner or if you don?t have equity in your home you could do a balance transfer to another credit card with a lower interest rate. Many times you will be able to take advantage of promotional offers that offer free balance transfers and very low interest rates even possibly 0% for up to a year.

3. Make a phone call to your credit card company.

Sometimes all it takes to get a lower interest rate on your credit card is to simply call your credit card company and ask them to lower the rate. If you have a good payment history your credit card company will usually go ahead and lower your interest rate immediately right over the phone. Taking your interest rate from 25% down to 10% will save you hundreds of dollars and make paying off credit card debt much easier.

If you can create a budget and stick to it, and lower your interest rates or consolidate your credit card debt you will be able to pay down your debt and save yourself an enormous amount of money that would otherwise be wasted on paying interest to your credit card company. It does take some discipline and determination but the huge amount of money it will save you makes it very worthwhile.

About the Author

Learn more about consolidating credit card debt and other ways to reduce credit card debt visit http://smartcreditblog.com

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whereby the original author?s information and copyright must be included.

adamv

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