Credit card debt and how to reduce it?

Sabelina · 10-17-2007

Hi,Be safe from credit card debt!

If you're going to use your credit card anyway, you might as well keep the following in mind, before that credit card swipe, wipes off some more your hard-earned cash:

If you're already in debt then stop credit card debt by do not using e your credit cards on frivolous binges, expensive dinners or hyped up sales. Keep your credit hard handy for emergencies.
Pay much more than the minimum balance due. This will help put on hold any reckless credit card usage and make you more responsible when using your credit card.
If you're going in for a new credit card then make sure you go through the fine print - all of it - and do a credit card comparison on the Internet. Many credit cards offer an introductory low rate of interest and once that introductory period is over, the rate jumps.
Pay off credit card debts with your bank savings. You're probably getting around 2-4% with the bank while you're paying 10-18% to your credit card company. Paying a high rate of interest doesn't make any sense.
Take all your credit card statements and total up the outstanding balances. You'll be surprised to see just how much of money has gone to waste done the tube without you having received anything of value.
Call up your credit card company and ask them for a lower rate of interest. Most credit card companies may oblige. If your credit card company doesn't, then transfer your balance to another credit card that charges a lower rate of interest.

Jaybee · 10-25-2007

Quote:

Pay much more than the minimum balance due.

I agree but paying just the minimum balance is okay, too because it shows you are aware of your debt and although you cannot pay the entire debt, you're still trying.

obay · 01-13-2008

This is very helpful information!

I hope all this will help me aswel! as I am in debit and I need to get out of it asap!

Thanks mate!

ashton79 · 01-17-2008

Im only using credit card to pay for petrol. But my problem now is what I use every month is more than what I pay to them. Even I pay more than minimum balance due but my outstanding will keep increase.

danish · 02-05-2008

Use the credit card and then pay with the same amount that we use in before the due date. If we do that, we are not cahrge by the bank and the same time we can colect the points or somethind eles that offer by the banks

damia · 02-11-2008

Get the zero interest payment with the credit card. They do not charge us for the sum of amount but the charge base on month by month

pc368 · 02-11-2008

I like the snowball method of paying off cc debt. Start with the smallest amount, pay it off in full, and use the money saved to pay of the next card.

simonk · 02-13-2008

Yes, credit card debt is very serious issue nowadays.
Thank you for the advice.
To reduce it, is better spent less. Don't use the future money.

Jerlene · 02-13-2008

Sometimes you can't help but spend your future earnings. This is why people continue to stay in debt or dig themselves deeper.

nick · 02-14-2008

The best way to avoid credit card debt is to pay off your full outstanding rather than paying it in partial, which is the lead to get into credit card debt.

10-17-2007	#1 (permalink)
Sabelina Junior Member Join Date: Oct 2007 Posts: 1 Rep Power: 0	Credit card debt and how to reduce it? Hi,Be safe from credit card debt! If you're going to use your credit card anyway, you might as well keep the following in mind, before that credit card swipe, wipes off some more your hard-earned cash: If you're already in debt then stop credit card debt by do not using e your credit cards on frivolous binges, expensive dinners or hyped up sales. Keep your credit hard handy for emergencies. Pay much more than the minimum balance due. This will help put on hold any reckless credit card usage and make you more responsible when using your credit card. If you're going in for a new credit card then make sure you go through the fine print - all of it - and do a credit card comparison on the Internet. Many credit cards offer an introductory low rate of interest and once that introductory period is over, the rate jumps. Pay off credit card debts with your bank savings. You're probably getting around 2-4% with the bank while you're paying 10-18% to your credit card company. Paying a high rate of interest doesn't make any sense. Take all your credit card statements and total up the outstanding balances. You'll be surprised to see just how much of money has gone to waste done the tube without you having received anything of value. Call up your credit card company and ask them for a lower rate of interest. Most credit card companies may oblige. If your credit card company doesn't, then transfer your balance to another credit card that charges a lower rate of interest. __________________ Term Life Insurance

02-13-2008	#9 (permalink)
Jerlene Senior Member Join Date: Mar 2007 Posts: 1,167 Rep Power: 3	Sometimes you can't help but spend your future earnings. This is why people continue to stay in debt or dig themselves deeper. __________________ 1 \| 2 \| 3 \| 4 \| 5 \| 6 \| 7

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01-13-2008	#3 (permalink)
obay Junior Member Join Date: Jan 2008 Posts: 15 Rep Power: 0	This is very helpful information! I hope all this will help me aswel! as I am in debit and I need to get out of it asap! Thanks mate!

01-17-2008	#4 (permalink)
ashton79 Junior Member Join Date: Jan 2008 Posts: 10 Rep Power: 0	Im only using credit card to pay for petrol. But my problem now is what I use every month is more than what I pay to them. Even I pay more than minimum balance due but my outstanding will keep increase.

02-05-2008	#5 (permalink)
danish Junior Member Join Date: Feb 2008 Posts: 13 Rep Power: 0	Use the credit card and then pay with the same amount that we use in before the due date. If we do that, we are not cahrge by the bank and the same time we can colect the points or somethind eles that offer by the banks

02-11-2008	#6 (permalink)
damia Junior Member Join Date: Feb 2008 Posts: 9 Rep Power: 0	Get the zero interest payment with the credit card. They do not charge us for the sum of amount but the charge base on month by month

02-11-2008	#7 (permalink)
pc368 Junior Member Join Date: Feb 2008 Posts: 7 Rep Power: 0	I like the snowball method of paying off cc debt. Start with the smallest amount, pay it off in full, and use the money saved to pay of the next card.

02-13-2008	#8 (permalink)
simonk Junior Member Join Date: Feb 2008 Posts: 15 Rep Power: 0	Yes, credit card debt is very serious issue nowadays. Thank you for the advice. To reduce it, is better spent less. Don't use the future money.

02-14-2008	#10 (permalink)
nick Member Join Date: Feb 2008 Posts: 60 Rep Power: 1	The best way to avoid credit card debt is to pay off your full outstanding rather than paying it in partial, which is the lead to get into credit card debt.

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