It seems that people everywhere are up to their necks in credit card debt. No matter what they seem to do, their credit card debt continues to rise as their credit score rating continues to pitfall. Due to the ever-growing population of people swarming in mounting credit card debt, the following 9-step system is recommended for those people to reduce and solve their credit card debt problems.
Make a detailed table or spreadsheet of all your credit cards. Include the following column headings: credit card name, balance, payment due date, interest rate (APR), reward points earned, redemption offers available and comments.
Fill in your table with your credit card information.
Can any of your reward points be haggled or negotiated to cover fees, partial payments or any part of your bill at all? Call customer service and work with them to find out. A lot of companies will work with you on this.
Compare all of your offers that you have to consolidate your debt and build a chart around it.
First consolidate or eliminate your highest credit card debt. Either pay the credit card off completely or transfer your balance to a credit card with a 0% or low % APR.
Cut unnecessary spending and get a good handle on your spending habits. Pay your credit card bills on time. Implement frugal spending, especially in our economy. Don’t take vacation and don’t use your credit cards at all. Use cash only.
Try to supplement your income with a second job or alternative source to earn money. Check my other articles for how you can earn extra money in your spare time if you can not get a second job.
Watch as your credit card debt becomes smaller and smaller. Celebrate the day you pay off all of your credit card debt!!! This is just one system of eliminating your credit card debt problem. There are many other ways and loads of advice available on the subject to help you reach your financial goals. Find a method that will work for you and learn how to control your spending to get rid of that large credit card debt.