Reduce Credit Card Debt
“Reduce credit card debt and eliminate it before it assumes a horrifying shape” – This is
really the gist of the story. So, how do you reduce credit card debt? Well, you reduce credit card debt by
preventing it from increasing and by paying off what it is currently. Simple, isn’t it?
Not really. If it was that simple to reduce credit card debt, then we wouldn’t have had so many people with
credit card debt related problems. We would have been able to reduce credit card debt problems and finally
eliminate them (or reduce them significantly). There are all kinds of advice available on how to reduce credit card
debt, but still nothing much seems to change. The problem still seems to persist and in fact, worsen. However, it’s
not that difficult to reduce credit card debt. As we just said, there is a lot of advice available on how to reduce
credit card debt and the only thing you need to do is put that advice, on how to reduce credit card debt, to
practice in real life. Well, no one but you will benefit if you reduce credit card debt.
So the first step to reduce credit card debt is to prevent it from taking dangerous proportions. The 2 most
important ways of implementing this step are – balance transfers and use of cash.
Balance transfer is often treated as the number one measure to reduce credit card debt. This is really something
that can help reduce credit card debt by slowing down the pace at which your credit card debt is getting built. It
also provides you relief in terms of the APR being 0% for initial 6-9 months (and hence helps reduce credit card
debt faster). To reduce credit card debt using this mechanism, you need to transfer your balance from your current
credit card(s) onto another credit card that has a lower APR than your current card. Thus you reduce credit card
debt by preventing it from increasing so rapidly.
The other preventive measure to reduce credit card debt is to use cash instead of card (as such, hard earned
cash is difficult to get out of pocket as compared to just a credit card). So you reduce credit card debt by not
adding more to it. That is the simplest way to reduce credit card debt.
However, you can reduce credit card debt only if you stick to your resolution to reduce credit card debt; otherwise it will fail miserably.
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.