Reduce Your Credit Card Debt
Top tips to reducing or clearing your credit card debt more quickly
Cut Up Your Cards!
Do you really need more than one or two cards? Be honest with yourself: can you honestly resist turning to another of your cards when you max out your main one?
After all your hard work in clearing a card's balance, cut it up! This will prevent you from using it on impulse and heading back down the road of spiralling debt.
Even if you haven't cleared the balance, cutting it up will stop you from using it while you are making repayments. And, if you then find out that you do need the card in the future, you can always order a replacement.
One very important thing to note though is that once you've cleared a card's balance and cut it up, tell the card company that you want to close the account. Leaving an account open but dormant has been identified as a risk factor in identity theft.
And Finally...
While this may seem obvious, it's surprisingly easy to overlook. If you're struggling with credit card debts, the most important thing to do is to not increase them any more! However hard you try to reduce your debt using the above methods, nothing will help if you continue spending.
Credit cards are not a good way of paying day-to-day bills unless you can repay everything you've spent every month, so if you're currently using them to make ends meet you need to look at your budget to see where you can make savings, or take financial advice to see how you can otherwise wean yourself off excessive card use.
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