Multiple credit cards and store cards accumulates a large amount of debt. With the passage of time, the credit card holder will not be in a position to get out of the debt trap that he’s fallen into. Tackling debts at the right time is the need of the hour.
Some simple self-initiated actions include:
You set a monthly amount
Pay all your minimum amounts and get rid off smaller debts
Get rid of too many credit cards, pay of the smaller balance
Pay extra money toward your debts with the highest interest rate
By setting aside a monthly amount, you will have an idea of how much you need to pay every month towards your debts and be prepared to meet the monthly repayments. Making repayments which are smaller helps you close the account soon and then tackle bigger debts, gives you the emotional succour that you now have lesser number of debts to repay. Making extra payment towards your high interest rate debts will bring down your interest rates considerably. Not to forget, curtail your impulse buying and don’t make bulk purchases on your credit cards, use it only when it’s inevitable. As every purchase you make out of the credit card, you are getting deeper into debt.
Secondly you consider seeking out for debt reduction help:
A free consultation of debt reduction is easily available online. Make the best use of it. Get your debt reduction plan to manage your debts and gradually get out of them. Such a debt reduction plan shows you:
Which debts you cleverly pay off first
How much to pay on each debt, every month
When are you likely to be completely debt free
How much interest you can avoid
Thirdly, you can either consider the above or go for a credit card debt consolidation. Wisely pool all your debts into one and just make one consolidated payment every month, tackle one debt and deal with one lender instead of multiple debts and relieve yourself from the mental tension of making monthly payments to multiple debts. Easily keep track of your finances, stop all creditors’ harassment calls and monthly bills, reduce your interest rates on the whole and improve your credit rating in the long run. Ensure that you don’t make any more purchases with your credit cards and avoid getting into debts in future. If you religiously follow all the guidelines offered to you, there’s no doubt of living a credit card debt-free life.
To find help on how to carry out debt consolidation, get a debt reduction plan or any such related debt solutions visit: www.credit-card-debt.yourtoys.co.uk