Debt Elimination - The Best Ways To Realistically Eliminate Credit Card Debt

Debt Elimination - The Best Ways To Realistically Eliminate Credit Card Debt

When you are in over your head with credit card debt, relief can seem miles away. Sometimes it seems like you are working as hard as you can to make the minimum payments or even to just barely cover the interest on your balances.If you want to get out of the cycle of credit card debt follow these 3 easy steps and you will be on your way to financial freedom.

1. Switch to a lower rate card.

If you can switch your balance from a higher rate card to a lower rate card, you can save quite a bit of money. Even a card with a 5% lower interest rate will make a difference on the amount you owe on your monthly credit card statement. Take the money you save and apply it to the balance to reduce your debt even faster.

2. Pay on the principle.

It is very easy to fall into the trap of just paying the minimum payment on your credit card statement, but if you make a practice of this, you will never get out of debt. The only way to eliminate credit card debt is to plunge in and pay it off. The more you pay on the principle the less you will be paying in interest, and you will start to see a difference in the amount of money you are being billed each month.

3. Don't add to your debt.

Make it a rule that the credit cards are only used for special or emergency purchases. Stop buying things like groceries or clothes using your credit card. Chances are if you are going to put an item on the card, you will often end up buying things you hadn't planned to buy. These impulse buys may be convenient, but they add up, and you will be paying for them long after their usefulness is gone.

POST COMMENT

Credit Card Debt Among College Students - 5 Facts You Should Know Unemployed Bad Credit Loans-for The Jobless With Bad Credits What Is A Good Credit Score Excellent Rate No Credit Check Military Loans-financial Approval For Military People Fixing Bad Credit is Extremely Possible - Here Are Five Keys to Doing So 10 Day Free Trial Credit Report: Available And Useful 3 Credit Free Score Report – A Proficient Document No Credit Check Bad Credit Payday Loans: No Hassles Nor Any Hurdles! Short Term Bad Credit Loans- Easy To Avail Getting the most from Special Credit Card Offers Free Trial Credit Report: An Opportunity For The Borrowers Credit Card Debt Settlement California, solve easily credit problems Small Loans No Credit Check - Funds To Recover From Stained Credit