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Four Ways to Lower Credit Card Debt Quickly

Credit card debt can be very hard to pay off since the combination of high interest rates, large fees, and the ease of credit card use, the accounts can be very difficult to maintain. Many people have several cards, and they carry balances on each one of them.

Author: Tamara Holmes
Date: Oct 15, 2009 - 5:56:18 AM

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Credit card debt can be very hard to pay off since the combination of high interest rates, large fees, and the ease of credit card use, the accounts can be very difficult to maintain. Many people have several cards, and they carry balances on each one of them.

What many people do not realize is that, if they only pay a minimum payment on a credit card balance, they could be paying for many years and will end up paying double or even triple the original amount. If you are working on paying down credit card debt, then consider these four tips.

1. Always pay your card on time. There are three things that can go wrong when you pay a credit card late. The first is that you will have to pay a rather unhandy late payment fee that can even be as high as forty or fifty dollars. In addition, many credit card companies will raise an interest rate when late payments are made, even if the card had a promotional low rate. This could mean that your interest rate will double or triple over one late payment.

Finally, a late payment could reflect negatively on your credit record if it is more than thirty days late. This late payment will lower your credit score for several years.

2. Pay more than the minimum on your cards. Even if you can only pay a little over the minimum, anything extra that you can pay will go directly toward the balance. It is important to do everything you can to pay more than the minimum due on your credit cards.

3. Call your credit card companies. Many times, the companies will be willing to offer a lower interest rate. However, they will not just give you a low interest rate; you will have to be proactive and make the telephone call.

4. Make use of a home budget computer program. This way, you can set up reminders of when your credit card payments are due. You can also keep track of your spending and set up a repayment plan so that you can see your progress on lowering your debt.

Of course, when you begin working on lowering your credit card debt, you will have to make the decision to no longer charge anything to those cards. It is better to pay less on your card and pay for expenses out of pocket than to charge new things on the card.

Avoiding the Credit Crunch is a step-by-step program designed to provide you with proven techniques to eliminate your debt and help you save money.  If you’re looking for valuable information on how you can reduce your debt and shrinkcreditdebt.com.

View all articles by Tamara Holmes

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