Lowering your Credit Card Debt

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Lowering your Credit Card Debt

An important element in the wise usage of credit is avoiding unnecessary credit card debt. But, if you discover yourself overwhelmed with too many credit card bills, there are some steps you can follow to assist in getting out of your credit card debt.

1. Do not charge anything else on any of your credit cards.
2. Find out the total exact amount owed on your credit cards.
3. When making payments, consistently pay more than the minimum payment due.
4. Make all payments immediately when the bills arrive because each extra day that you carry a balance on each credit card, interest rate charges add on.
5. Once you have a credit card paid off then make the same monthly payment amount on another card.
6. Always make more than the minimum monthly payment and avoid any offers from the credit card company to skip a payment for the month… always make monthly payments.
7. When possible consolidate credit cards.
8. Cut up your credit cards that are paid off, but do not cancel them as cancel them may affect our FICO score.

An additional option in lowering your credit card debt is to get an a part time job for the sole purpose of paying down your credit card debt. At first thought many might cringe at this but having income that goes straight to paying off a credit card feels surprisingly good.

FIND credit info and a selection of student credit cards for comparison at www.StudentCreditCards.com

Student credit cards.com @ January 6, 2009