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by Sebastian Schneider
Credit card debt is not an issue to be taken lightly. It has made many individual victims of bankruptcy and devastation. Report has it that the Average American family has over $7000 in debt on their credit card alone. This debt coupled with the h

Credit card debt is not an issue to be taken lightly. It has made many individual victims of bankruptcy and devastation. Report has it that the Average American family has over $7000 in debt on their credit card alone. This debt coupled with the high interest rate charged by the credit card company over a period of time, if not checked will get families into the ocean of accumulated debt.

But thank goodness, there is a way out of credit card debt irrespective of the amount involved. The tips below will be of a great benefit to you in reducing your credit card debt…

Transfer of your Credit Card balances

The interest rate is an enemy that makes credit card debt increase. There are credit cards that have very high interest rates and there are some that have low interest rates, avoiding the former and embracing the latter is a wise decision.

However, if you already have a credit card with high interest rates, this debt could be transferred to a low interest credit card with a transfer option.

The advantage of this method is that it compresses your debts into a card, which invariably helps you to focus on paying your debt on just a card instead of multiple payments. Also, it eliminates the interest you would have paid on the high interest credit card, thereby making extra cash available for payment of your credit card debt.

It should be noted that when credit card balances are transferred, the account has to be closed to avoid mere movement of money from one credit card to another.

On-time and Above-minimum credit payment

Paying above the minimum credit payment requirement is a wise decision to make. It will reduce your credit card debt repayment period. Again, the amount you would have paid if the minimum payment were what you were making would have reduced tremendously.

Late payment of your credit card debt is risky! It will increase you debt. A day delay in the payment of your credit card debt will lead to payment of a higher interest on your debt. This has to be avoided at all cost if credit card debt reduction is your goal.


It is said, “If you fail to plan, you are planning to fail”. There is always a very great need to plan all your expenses. This planning has to be done without leaving out any detail no matter how small. Here, all your needs and your wants have to be broken down and analyzed.

It is advisable that your budgeting should not be done on a monthly basis. This is because there is a high tendency of losing track of some of the details in your budget. The best way of doing budgeting should be on a weekly basis. Budgeting your expenses may look strenuous but it has a lot of advantages. It saves you from impulse purchase thereby reducing your expenses.

A well-executed budget will help you condition your mind on what to acquire and what you don’t even need to acquire, thereby making available for you some cash for the payment of your credit card debt.

The borrower they say is a servant to lender. Being free from debt is good! So work at it and you definitely get there.

To get to know more about anything related to debts, credit cards, mortgages and loans, visit Credit Card Debt Consolidation.

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