Credit Card Debt Reduction
Getting into debt is easy but getting out of it really a difficult task. This holds good
for any kind of debt and includes credit card debt too. Credit card debt reduction needs planning
and discipline in the way you spend money.
Credit card debt reduction starts with reduction in the expenditures you make using your credit card. So, the
first trick for credit card reduction is to go for shopping without your credit card (carry some small amount of
cash). This credit card reduction technique isn’t asking you to stop shopping, instead it’s just asking you to
seriously evaluate the need of anything you want to purchase and not just purchase it on the spur of the moment.
So, if you really-really need to buy it, you will go back to your home to fetch your credit card thus introducing a
delay that is instrumental in killing spur-of-the-moment purchase (and hence helping in credit card debt
reduction). It gives you time to evaluate if it’s really worth going back home and getting the credit card for
purchasing that item. So, in this case, credit card debt reduction is achieved by preventing the debt from building
up further. It’s a very effective credit card debt reduction measure.
The other effective way of credit card debt reduction is debt consolidation i.e. consolidating debt from high
APR credit cards to a low APR one. So this credit card debt reduction measure works by reducing the rate at which
your credit card debt grows. Moreover, this way of credit card debt reduction also gives you a breather in the form
of a short initial period when the APR is 0%. Besides credit card debt reduction, debt consolidation also brings
some additional benefits which are basically in terms of rewards etc offered by the new credit card supplier. Thus
this method of credit card debt reduction is really more than just a credit card debt reduction method – it’s a
benefit provider too. If you are not comfortable in taking forward this method of credit card debt reduction, you
can seek the help of a credit card debt assistance company.
Besides these two credit card debt reduction measures, which are
really the most important credit card debt reduction measures, there are other methods too for credit card debt
reduction. Another one is to ask your current credit card supplier for help in credit card debt reduction i.e. by
lowering the APR. It might work out for you (as it does for some people).
Also remember, that there are people (professionals) out there who provide advice on credit card debt
reduction (just in case you need them).
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.