Paying Off Credit Card Debt

Is your credit card causing your debt problems?  They’re simple to use and easy to get, but hard to pay off at times.  If you have to have a credit card, here are some tips to help keep your spending under control…First, you want to check your statement and see what you are paying in interest rates.  One of the best way to pay down your credit card debt is to get a lower interest rate and don’t use your card until the debt is paid down.

Once you know your interest rate, then you can contact your credit card company and see if they will lower your interest rate.  If they will lower it, then you don’t have to do anything else.  If they won’t, then start calling around and see if you can find a lower interest rate at a different company.

Once you are approved for the lower amount, you can transfer your balance from the old card to the new card.  This way, it will cost you less to pay it off and you might be able to pay it off earlier.

The biggest thing you have to remember is that you need to stop using the credit card while you are paying it off.  If you have a balance on your card and you purchase something else, then the interest starts building on that new purchase immediately.  It doesn’t wait 30 days like it would if it were the original purchase.

Next post we will discuss ways to reduce the temptation to use your credit card.