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How To Minimize Credit Card Debt
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Unpaid credit card debts are a lawsuit waiting to happen. Save yourself from a lot of headache and learn what you can do to reduce your credit card debt quickly and efficiently.

Check The Statements

Not only should you check your credit card statement but also your bank statements. The credit card statement shows how much money you owe to your credit card company while the bank statement shows you where your accounts are. Now, compare these statements with your monthly income, divide a chunk of your salary into portions, in which you need to repay your credit card company. This is where you will discover if your monthly income is sufficient to cover your debts. Check your statements for errors as well.

Use Low Interest Credit Cards

If you have multiple credit cards with varying interest rates, it’s best to check which credit cards have the lowest interest rates and use them instead of credit cards with higher interest rates. The fact is, cutting off credit cards with a long history of credit could do more harm than good. Instead of cutting them off completely, focus on using lower interest credit cards and use higher interest credit cards once in a while.

Use Cash/Debit Cards

Generally, using credit cards is more expensive as opposed to paying cash or using debit cards to make purchases. An average credit card’s APR is around 5% and most credit card companies require a monthly or annual membership fee. Save more by using cash instead of your credit cards. You’d be surprised at how much money you can actually save by using your credit cards during emergencies alone.

Create Expenses Plan

Always manage your expenses. By mapping out a daily or monthly budget, you will not only manage your money, you will also discover where you spend your money the most. Of course, planning your expenses is one thing, executing the plan and sticking to it is a different story. If you create a budget, be sure to stick to your budget. Otherwise, your careless spending could be defeating the purpose of creating a budget for manageable credit card debt.

Better financial situation starts with keeping tabs on your expenses and managing your credit card debt. By keeping track of your expenses and credit card use, you should have no problems making payments on time, each month. This will help avoid any trouble with your creditor that could possibly lead to a credit card lawsuit.


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