Credit card debt is the main financial problem facing Americans today and it is one of the major factors in many divorces, credit card debt is just getting larger and bigger and the banks could not be happier they are making more and more money from your interest payments.
The trouble is card's are just so convenient in fact it has become impossible to carry out some purchases without using a credit card, so what can you do to help yourself if you're worried about your credit card debt.
Here are eight tips to help you reduce or even do away with your debt.
1. If you have already built up a sizeable debt take a look at arranging a consolidation loan, this will enable you to transfer the high interest credit card debt to a lower interest consolidation loan. Then you can use the spare income to reduce the debt even quicker.
2. Establish a budget and stick to it, make sure you have allowed for all the essential items you must pay every month. Use any free cash at the end of the month to reduce your outstanding card debt.
3. Use a debit card rather than a credit card, that way you can really control your spending, if you have no money in your account you can not spend it.
4. Only use a card for emergency purchases, arrange to have a very low credit limit so that you can automatically limit the risk of overspending.
5. Establish a plan to pay back your debt, then keep a careful record of your payments showing the decreasing balance of your debt, this can be a very motivational and help you in clearing your card.
6. If you find that you are tempted to use your credit cards when out shopping then just leave them at home, I know this sounds simple, but it also takes some willpower and if you can do it you will find it really works.
7. If all else fails cut your cards up and go to cash I know its drastic but if nothing else works then you have just got to do it.
8. Finally the most important tip, if you are in significant debt do not be accused, do not think other people will not understand, get help and now consult a credit counselor and sort the problem out before it becomes too large.
Credit card debt is like an open sore, the longer you leave it the worse it will get, try using the tips I've listed above they will help you, but remember the most important thing you can do to help yourself if you are facing This problem is to get help from recognized credit counselor and take positive steps to reduce and remove your credit card debt.