Reduce Your Credit Card Debt
It is possible to reduce your credit card debt no matter how much you owe or how many cards you have. With some careful planning, dedication and some lifestyle changes you can reduce your credit card debt and free yourself of debt sooner. Below are some tips on how you can win the battle and reduce your credit card debt: Pay off the balance. When you use your credit card to pay for purchases, make sure that you pay off the entire balance each month to avoid being hit with interest. If you can???t afford to pay it all off, try and pay more than the minimum monthly repayments as this is usually calculated at two percent of the total balance owing and can take years to pay off. Consolidate. If you are the type of person that has more than one card, think about consolidating them all with a balance transfer credit card. Even if you only have one card and you are struggling to pay off the balance, this type of card will be highly beneficial. A balance transfer credit card usually comes with a lower rate, some with zero percent for six months, so you can focus on paying off your debt without worrying about being hit with high interest rates. Just be aware that after the lower rate period is over, the interest rate will revert to another rate which is usually much higher. Check out the table below for a list of some of the lowest rate balance transfer credit cards currently advertised. Focus. Credit cards are one of those debts that are best to get out of the way as soon as possible otherwise they feel like they will never disappear. So if you are paying off a mortgage as well as a credit card, you are more than likely to be charged a higher interest rate on your card compared to your mortgage. You may be able to save in interest by focusing on paying off your credit card first. When you reduce your credit card debt you can then focus on your mortgage and put any extra money you have towards extra repayments. No matter what level of credit card debt you have, the good news is that it is possible to reduce your credit card debt and pay it off sooner. Compare credit cards online at RateCity to find one that suits your spending needs.