10 Tips to Pay Off Credit Card Debt

Credit card debt does not become a problem overnight. It builds up slowly and insidiously with only small signs like hitting it against a maximum limit or not being able to pay a minimum payment to warn you that a big problem is in your hands. If credit card debt has become a problem for you, the smartest thing to do is stop buying and paying off the balances on your credit cards. And to help you, we’ve chosen the 10 most important tips for paying off credit card debt.

Tip 1: Shopping

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Stop buying items with your credit cards the instant you realize that you are in trouble.

Tip 2: Cancellations

Pay off the cards with small balances that you can afford to wipe out the debt. Cancel these cards or place them in a locked box so you will not be tempted to use them.

Tip 3: Negotiate

Talk to the remaining credit card companies, and ask them to lower their annual percentage rate of interest. Many companies will do this to keep a good customer as long as you have a track record as a good payer.

Tip 4: Interest

Tip 4: Interest

Choose the credit card with the highest interest, and concentrate all your energy on paying this card. When you have some extra money, it should go for payments on this card. When this card is paid, cancel it or block it. Then focus on your second card with the highest interest rate.

Tip 5: Pay more than the minimum

Tip 5: Pay more than the minimum

Make regular payments on the other credit cards. Try to make more than the minimum payments. Making only minimal payments means you pay two or three times the amount you were initially charged on interest rates alone, or even more.

Tip 6: Extra Income

Tip 6: Extra Income

Consider getting a part-time job, doing some freelance work from home or auctioning items online to help pay off your credit card bills. Remember that this need not be permanent, only temporary for debt repayment.

Take good care of your cards so you do not sink into debt and have to turn around to pay the balance of your cards. 

Tip 7: Stop spending

If you can not afford to pay a monthly balance, stop using all credit cards immediately. Block the use, leave them at home or use any other solution to escape the temptation.

Tip 8: Communication

If you get into trouble with credit card debt, keep the lines of communication open between you and your creditors. Say what you can afford and when. The worst thing you can do is simply stop making payments. Talk to the card issuing institution and ask for payment planning help, if applicable.

Tip 9: Ask for help

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If you are in trouble with debt, get credit counseling right away with your bank account manager, an area professional or with internet searches. The more information, the easier it will be to end the debt.

Tip 10: Control yourself

Keep only one or two credit cards. The more cards you have, the greater the likelihood that you will sink very deeply into credit card debt.

With these precautions, we are sure that dealing with credit card debt will be much easier.

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