First, gather up all of your credit card(s) and write down how much debt you owe for each card. Then, add up all of the debt to see how much total you owe in debt.
Next, deactivate any credit cards that you are not using. It is a good idea to do this because having more cards will only make you spend it. Call each different bank company and deactivate any cards that currently do not have any balance on them.
Then, look up different banks online and see the different offers they provide for each of their credit cards. A lot of the credit card cards offered comes with 0% APR and/or 0% balance transfers. Apply for 2-3 cards that have no annual fees and offer the 0% APR and balance transfer.
Once you get approved and the card(s) come in the mail, do a balance transfer of all your previous credit card debts onto the 0% APR/balance transfer card. Once you complete this step, you will no longer be paying the extra interest rate that you had on your previous credit cards.
If it’s possible, try to cram all of your debt into 1 or 2 cards that offer the 0% APR/balance transfer. Now, it’s all about spending less. Make sure that you do NOT use your credit card for ANYTHING. Buy things with cash only and make sure you make the monthly payments for your new credit card(s).
By doing this, you will not be paying extra money for interest. Make sure you get in the habit of not using your credit card. In addition, make sure you have the least number of credit cards possible as many bank companies will not offer you a credit card if you have too much debt and/or credit cards.
It’s all about being able to balance and spending wisely. Although it is easy to spend and expand your debt, it is also possible, through determination and the willingness, to cut your debt through careful and wise spending, as well as buying most items in cash.