Are you weighed down by credit card bills?
Wondering how are you going to pay them off?
Studies have shown the about 47% of Americans use their credit cards instead of using cash. While it so easy to get out the plastic and hand it over, many of us are suffering because of it. There is a way you can get back on track and get rid of that credit card debt. Try following these 5 simple steps to help cut your credit card debt to get back on track.
How to Cut Credit Card Debt in 5 Steps
1. Start with one card.
If you have multiple cards, take the one that has the highest interest rate and start with that one.
2. Ask for a lower interest rate.
All it take is a simple phone call to ask for a lower interest rate. Even if they lower it by a few percent will help tremendously. You can always mention that you have been offered a lower interest rate from a competitor. Sometimes they can match that offer.
3. Get a second job.
If you can pick up a second job or sell something thru consignment, ebay, etc., take that money and put it aside to help pay extra on your credit card bill.
4. Transfer the balance.
Take a card that has a lower interest and transfer the balance of the higher interest to the lower interest card. Make sure there is no transfer fee before you do the transfer. And make sure you read all of the fine print before you do so.
5. Limit your credit card usage.
Only use your credit card for emergencies only. Try to budget your spending and use cash only for necessary items.
And by all means if you can cut up your credit cards or freeze them, do so. This will not only cut your debt but keep you from using your credit cards.