Taking a step towards credit card debt elimination
So you have decided to go for credit card debt elimination and are
wondering on what the methods for credit card debt elimination are. As they say, let’s take the bull by its horns
and lay it all flat on the ground. There are generally 2 recommendations that are most common for credit card debt
elimination: controlling the expenditures and consolidating debt. Let’s check both of these credit card debt
elimination recommendations and check the list of things that you can do for achieving credit card debt elimination
using these recommendations:
1. Control your urge to spend: The first thing to do for credit card debt elimination is to control your
expenditures. Here we are talking about the payments you make using your credit card. Remember that the main reason
being your getting into credit card debt is uncontrolled expenditures using your credit card. So if you are really
serious about credit card debt elimination, this is one thing that will help in credit card debt elimination by
preventing accumulation of further debt. Here is what you can do to control your expenditures:
a. You need to stay away from attractive offers that are put-up by various shops and stores. Don’t buy anything
that you don’t really-really need. After all you are looking for credit card debt elimination not
b. Leave your credit card at home. If you really-really need something, then you can fetch your credit card from
your house. This will prevent you from yielding to the too-attractive-to-resist sale offers (that are actually
there all the year round). This credit card debt elimination technique, again, works on the principal of
‘prevention is better than cure’. This will prevent unplanned expenses from happening.
c. Prepare a monthly budget and stick to it. This is really a very important credit card debt elimination measure.
This budget will form the basis of your credit card debt elimination plan. So if you deviate from your budget, your
credit card debt elimination plan will go for a toss.
2. Debt consolidation: Debt consolidation or moving from high APR credit cards to a low APR one is generally the
first step (the first reactive step) for credit card debt elimination. Here are a few things that you need to do:
a. Do not go for the first balance offer you come across. Analyse various offers and choose the one that best suits
you. This will be an important thing on you credit card debt elimination plan. Initial APR, Initial APR period and
standard Apr, all need to be considered.
b. Read the fine print on the balance transfer offer and check the terms and conditions on these. These might
affect your overall credit card debt elimination plan.
c. Compare other benefits e.g. rebates, reward points, etc, before you actually decide to go for one of the
Credit card debt elimination is about proper planning and discipline. So make your credit card debt elimination plan and stick to it.
Credit in Minutes Tip #1
Stay on top of your credit report. Most credit reports contain errors. Make sure you check your credit report
every year (you get one free credit report every twelve months) and if there are errors make sure to challenge them
with the reporting credit agency. Credit agencies are required to investigate each and every challenge that gets
Credit in Minutes Tip
Just because you qualify for all of those credit cards does not mean you should get them. A person with too many
credit cards looks sketchy in the eyes of a potential creditor. Think of it this way: if a person is financially
stable does he or she need ten different credit cards? Wouldn’t just one or two suffice?
Credit in Minutes Tip
The best way to raise your credit score is to make all of your payments on time. It sounds too simple to be
true, but that’s all there really is to it. Staying out of debt and/or making all of your debt payments on time
will keep your score up where it should be.