Some Tips For A Credit Card Debt Reduction Strategy

Believe it or not, most American’s today are carrying on average 6 credit cards and have an average total debt or $5000 to $10,000 in revolving credit card debt. Credit card debt reduction is becoming more important than ever. Credit card debt is VERY easy to let get out of control and it takes discipline and a different mindset to get yourself out of it. If you have even a small amount of credit card debt, pay attention to some of our tips below to begin your credit card debt reduction strategy!

There are little tips and tricks you can use for credit card debt reduction strategy that will help you try to get your mess under control but remember that these tricks are temporary and you should probably think about really focusing on seriously eliminating your credit card debt altogether.  But here are some tips on credit card debt reduction strategy.

Negotiate Your Interest Rate

Interest rates are arbitrary numbers that the credit card company came up with, put in big print to make it look official, and now tells you that you have to pay it.  The first thing you should do in your attempt at credit card debt reduction strategy is to call your credit card company and tell them you don’t want to pay that interest rate any more.   It sounds so insanely simple but the worst they can say is no.

If you are paying 20% or more then call up your credit card company and tell them you are doing some credit card debt reduction strategy and you received an offer from another credit card to pay off your debt with your existing card at 12%.  So tell your credit card company that all they need to do to keep you is lower your interest rate to 12% per month.

They may try to negotiate and if you really do have one of those “transfer your balance” offers then stand strong on your percentage.  If you are bluffing then settle for whatever they offer but that can be your first step towards credit card debt reduction.  Less interest to pay means more of your payment goes towards principle and that is what you trying to do.

Pay More Than Your Monthly Minimum

Credit card companies are not in the business of helping you pay off your debt. They have lots of tricks to keep you indebted to them… literally. One of these “tricks” is to only require you to make a small monthly payment. If all you pay off each month is this minuscule amount, you will never pay off your credit debt. Start paying for things with the cash in your pocket instead of putting it on a credit card. Or to make the transition even easier, you can use a debit card instead. A bunch of small purchases on a credit card add up quickly especially when you’re not paying it off every month.

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To Your Financial Success
~Suze Fulton

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