Credit Card Advice

Feel you have far too much credit card debt?  You are far from alone.  In 2009 credit card debt was at an amazing £53 billion!  With so much debt happening, and the credit crunch still biting, no matter what experts say about recovery, it is no wonder people are starting to feel the pinch.

So how can you help control your own debt, what simple methods are there to reduce credit card debt?

Simple Ways to Reduce Credit Card Debt

Now there are complex legal methods that might help you reduce your debt such as debt consolidation, debt management and IVA, but that is for the experts – what we are looking at here is simple methods of reducing the debt, little things you can incorporate into your everyday life.

• Move cards.  One of the biggest problems with credit card debt is interest.  Find a new card that allows 0% on balance transfers and you could save yourself a lot of money if you consolidate debts.  Remember to cancel the old card though – you don’t want to build up more debt.
• Pay off cards.  Sounds obvious but the interest is a problem, your debt keeps increasing.  So if you have the money in the bank pay off your cards, don’t just sit there letting your debt build.  Certainly try pay off more than the minimum monthly payment.
• Leave the credit card at home.  Stop building up debt on your card by only taking cash out shopping with you – that way you control exactly how much you spend and can’t go over it.
• Cut out the little things.  Do you realise how much you spend on little things – things like a morning starbucks or buying lunch?  A coffee, a sandwich and a pack of crisps can easily add up to £5 – that s £5 a day, £150 a month, that can go to paying off your debt.

By following just a few simple steps every day, you will start to see that credit card balance shrink!

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