6 Things You Can Do Right Now to Manage Your Credit Card Debt
/How to Take Charge of Your Credit Card Debt
First Published Date: January 5, 2012 ADawnJournal.com
Credit cards are a modern-day necessity, and it’s unrealistic trying to survive without them. However, if you are unable to manage them, credit cards can take over your life. Let’s look at 6 simple things you can do right now to take charge of your credit card debt.
Stop Charging – If you have credit card debt that you can’t pay in full every month, do not charge anything on the credit card unless you have the money to pay it. This is your first step towards managing your credit card debt.
Avoid Making Late Payments – Always pay on time and never make a late payment. Late payments can affect your credit score. Pay at least the minimum if you are unable to pay the full for any given month. I have seen people not paying a 70-cents bill thinking it would not make sense to pay this small amount. They ended up paying a penalty for late payment and affecting their credit score. A small amount can drag you down a lot if it’s not taken care of in a timely manner.
Call and Ask – Call and ask your credit card companies for a lower interest rate and waive any penalty fees you may have occurred. Optimizebalance transfer offers to lower your interest on credit card.
Pay Extra Amount – Pay whatever extra amount, whether it’s a small or a big amount, you can possibly arrange to pay towards your credit card balances every month. If you look at paying addition amounts in terms of longer time frame, it will accelerate your debt-free endeavour a lot faster.
Be Aware of Credit Repair – The Consumer Reporting Act has rules regarding how long accurate information can appear in a report and no credit/fix companies have the authority to remove, erase, or change this in a consumers’ file. Beware of these companies claiming to fix your file.
Take Charge of Your Finances – Learn about managing money, investing, and building wealth for your financial future. There are many independent personal finance websites like A Dawn Journal, Canadian government websites, and U . S. government websites to help you build your financial roadmap.
