Credit Card Debt

Credit cards offer you a convenient solution at the store checkout. However, credit cards can also place people in positions of financial difficulty very quickly. A large percentage of people’s income goes to servicing debt and then specifically to servicing credit card debt. For many, there is no light at the end of the tunnel. By taking some positive steps you can get out from underneath your credit card.

1. Cut Up Your Credit Cards
The first step in managing your credit card debt is by cutting up your credit cards. Most people who pay off their debt end up accumulating that same debt within one year. This digs you into a very deep hole if you have already borrowed money to pay off your credit card debt. Temptation is one of the biggest obstacles to tackling credit card debt.

2. Spend less than you earn
To manage you money and your expenses you need to have learn to budget. A budget will list your income and your essential expenditure – rent, bills, food. It will also list your non-essential expenditure. In most cases the essential expenditure will be less than your income. This means if you minimize your non-essential spending you can spend less than you earn. Any extra money you have can be used to reduce your debt.

3. Pay more than the minimum payment
Any extra money you are able to save should not sit in your savings account. Interest on your credit card could be than 20%. Use your spare cash to pay off your credit cards or al least reduce the amounts you owe on them. Almost 50% of all credit card holders pay only the minimum payment and that is how credit card companies make their money. If you pay more than the minimum monthly payment, then you reduce the balance owed and this also reduces the interest.

4. Investigate other forms of credit
For most consumers, their credit card is the most expensive form of credit. Currently mortgage interest rates vary around 7-8%. A personal loan is around 13% while a credit card can be as much as 29%. If you have multiple credit cards that are at there limit, then you will be contributing a lot of your income just to service the credit card interest, let alone paying off the debt. Investigate other forms of credit and consider moving your debt to a form of credit which has a lower interest rate. Do your research to discover if this is possible given your situation.

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