Finance Globe

U.S. financial and economic topics from several finance writers.
2 minutes reading time (364 words)

5 Basic Tips for Dealing with Credit Card Debt

5 Basic Tips for Dealing with Credit Card Debt

Do you find yourself facing credit card debt? Are you wondering how to best approach this financial challenge?

Although credit card debt management can be intimidating, the right approach and a bit of dedication can help you reach your goals.

Here are five basic tips for dealing with credit card debt:

1. Know what you’re up against. How much credit card debt do you have? How many cards is the debt spread across? What is the interest rate? What is the minimum payment?

If you want to beat credit card debt, you need to know what you’re facing. Answering the above questions will help you get in the right frame of mind.

2. Pay as much as possible each month. As tempting as it may be to make the minimum payment, do your best to exceed this as often as possible. Even if you only pay a bit more, it will go a long way in helping you eliminate your debt in a more timely manner.

3. Pay on time. The last thing you need at this point is another problem. Unfortunately, that’s exactly what you’ll get if you begin to make late payments.

Be 100 percent sure of when your credit card statement arrives each month. From there, do whatever it takes to make your payment on time, every time.

4. Consider a balance transfer. Are you tied down by a high interest credit card? If so, a balance transfer could be the best decision you ever make.

Although you’re likely to pay a fee upon making the transfer, the savings in interest will more than make up for it over the long run.

5. Don’t add to your debt. You know you’re faced with debt and want to put this problem in the past as soon as possible. For this reason, you shouldn’t add to your debt as you attempt to pay it down. Doing so is counterproductive, as you’ll simply “spin your tires.”

By implementing these credit card debt management tips, it won’t be long before you’re more confident than ever in your approach.

Would you add any other tips to this list? Share your feedback in the comment section below.

Purchase these Things with a Small Business Credit...
Questions to Answer While Searching for a Small Bu...
 

Comments 1

Frank on Wednesday, 26 October 2016 09:48

When you are faced with credit card debt, you have to get yourself organized ASAP. The more you delay and the longer you wait, the worse off you are going to get. It can be overwhelming dealing with it at first, but I promise it will get better if you face it head on.

When you are faced with credit card debt, you have to get yourself organized ASAP. The more you delay and the longer you wait, the worse off you are going to get. It can be overwhelming dealing with it at first, but I promise it will get better if you face it head on.
Guest
Monday, 19 August 2019

Captcha Image