Simply put, its easy to reduce credit card debt just as its easy to prevent it from increasing and by paying off what it is currently. But if its that simple to reduce credit card debt, then so many people wont have these problems. Credit card debt could be significantly reduced or finally eliminated.
The first step is to take stock of your situation. What youcan do is list the balance of each credit card, the payment due date, APR, and reward points earned when youvedrawn up a schedule of all of them. Work out which card is contributing most to your debt - this will be the card with the highest APR and the highest balance.
Maybe you can make partial payments, cover fees, orpurchase items you might have used the credit card to purchase with the reward points scheme.
Draw up a list of ways to reduce your credit card debt - consolidation loans are one avenue to explore. A balance transfer could help reduce your debt as well. This means transferring your credit card debt to the card that has thelowest APR. While repaying the debt you already built up, the best way to reduce your debt is curbing spending on the cards.
Using cash instead of card is another preventive measure to reduce credit card debt because hard earned cash ismore difficult to get out of the pocket. By not adding more to your debt, you reduce your credit card debt. Helping you repay debts quicker is finding additional sources of income and saving money in terms of other fees and interest.
To control spending on your credit card, you may needconsiderable amount of self-discipline since were used tousing the card when we shop. One drastic solution is to cut up all but one card which should be kept for emergencies only. You wont be able to use them and can only spend available cash after youve paid the bills.
Reduce credit card debt the same way you built it up - a little at a time. For most of use, weve seen our creditcard debt spiraling over a considerable period of time. You can reduce if not eliminate your debt completely if youreduce the debt one payment at a time with discipline and patience.