5 Tips for Reducing Credit Card Debt on Your Own

For whatever reason your credit card bills have accumulated a little beyond your ability to pay off in one single payment yet you know with some effort you can get them back down where they belong – zero. The thing is, your a little overwhelmed at where to start. Sometimes it’s the not what, it’s the how. Here are 5 simple tips of how to get the process started and reduce your credit card debt on your own.

If you need help with the numbers, download our free budgeting guide.

reducing credit card debt

Tip 1: Write it out. This is especially important if you have more than one debt. Create a list of all your credit cards, their balances, interest rates and monthly payments. Figure out which you are going to pay off first – we suggest tackling high interest debt first.

Tip 2: Determine your payments. To eliminate your credit card debt you need to make larger than the required payments. Minimum payments won’t pay off your balance in any reasonable period of time and the interest costs are enormous.

Tip 3: Transfer your balance. If you have room on a lower interest credit card or line of credit, transfer any high interest debt to that account. This will help save interest allowing you to pay the balance off faster. Don’t re-use the original card!

Tip 4: Cancel Your Accounts. If you have multiple credit cards, cancel your old accounts as you pay them off. If you keep them active you run the risk of running up your credit card balances all over again.

Tip 5: Be Disciplined. Paying off credit card debt on your own is not easy. It takes discipline and will take time to eliminate all your debt.

Join the Conversation

Leave a Reply

Your email address will not be published. Required fields are marked *

12 + 1 =