Some Tips on How to Get Out of Credit Card Debt
by Sally Jamesfield
It goes without saying that credit cards have a lot of advantages. Nowadays they have become an integral part of our life. More and more people prefer plastics to cash, as having a credit card is much more convenient that carrying cash. More than that, people can get more benefits from having a certain type of credit cards. For example, rewards credit cards are quite popular with people who want to get some rewards from getting a card.
However, we can't say that credit cards are perfect. They can be both your friend and your enemy. One of the problems that credit cards can bring is credit card debt.
The statistics shows that current credit card debt in the USA is about $360 billion. The fact is that it's really easy to get into debt.
However, when it comes to reducing it, many people realize that it won't be so easy as it may seem.
If you are in debt, you are to decide what steps you should take to get out of it. Here are useful tips that can help you to get out of your credit card debt.
First of all, try to pay off your monthly card balances. There is no doubt that it will be better if you make larger payments.
By doing this, you will be able to get out of debt faster, saving on interest. The fact it that your monthly minimum payment is equal to your APR.
And it is obvious that if you pay off only the amount of interest accrued to your balance, you won't be able to get out of debt.
You can also call your credit card company and negotiate with it to reduce your interest rate. In some cases it really works.
Don't forget that paying off your debt is in their interests as well. They can make a concession of this kind not to injure their reputation.
Another way of getting out of debt is to obtain a balance transfer credit card with low or 0% introductory APR.
Then transfer your credit card balance to this plastic and do your best to pay off your total balance during the introductory period. In this situation you won't lose your money on interest.
In case you have two or more plastics with debt on them, you should consolidate your balances into a regular-term note.
In this situation you don't have to pay several bills. You will have to make one monthly payment with a lower interest rate.
Of course, it's up to a person to decide what strategy of getting out of debt he/she will choose.
However, these tips can be rather helpful for those who decide to change their financial situation for the better.
Learn more here in my section explaining all about loans and credit cards guide to help you get rid of debt and prevent further financial crisis.
What’s your biggest issue? How do you handle it – or can you think of any additional tips you can share with others if you don’t have an issue with this in your life?
Share them with us below – and then share this blog post on Twitter or Facebook or wherever you feel it could help someone you know.
Click here to post comments
Join in and write your own page! It's easy to do. How? Simply click here to return to Money Matters.
"Power Tips" magazine is back!
You Get A Free Complete Self Help Report delivered to your email box every edition, plus you get a free PLR article and other great gifts!
SUBSCRIBE BELOW ... I promise you will want to USE what you learn!
I really want to know what you think of this site, this page, and to hear your tips or suggestions about it.
So please share your story or simply add a Comment in the comment box.
If you feel that the information on this page has been useful to you please give it a Like or share it with your friends - thanks!!
"You are a life Saver!!
I recently discovered this site and I can tell you that my life
has not been the same. I now come here EVERYDAY and spend at least 1
I used to spend that time browsing online fashion and beauty
magazine which just means that I spend more. Now I have replaced that
habit with coming here.
In future I will think about contributing articles as well. Thank you! Thank you!! Thank you!!! and God bless"
Amazon and the Amazon logo are trademarks of Amazon.com, Inc. or its affiliates. As an Amazon Associate I earn from qualifying purchases. Product prices and availability are accurate as of the date/time
indicated and are subject to change. Any price and availability
information displayed on [relevant Amazon Site(s), as applicable] at the
time of purchase will apply to the purchase of this product.