Home » Finance

Debt Reduction: Paying Down Your Credit Card

Mar 10, 2008
Many credit cardholders who have racked up tremendous debt become lost concerning the ways to eliminate this financially crippling burden. Yet, the truth is that the methods for eliminating this form of debt are not that difficult to implement if you take the time to learn what they are. Obviously, paying down that credit card debt will take some work and not a small amount of creativity and perseverance to see it through to the end.

With all of that said, there are a few obvious points you need to take to heart and then put into practice if you are going to make a serious effort at getting your mountainous credit card debt under control. Take a look at the following strategies to determine the right one for you. Decide which one will do the most as far as eliminating your consumer debt. Perhaps, all of them will need to be employed in some fashion while you attempt to get the card balance down to an acceptable level.

First, just stop using the cards entirely. Decide that you are not going use the credit card to incur more debt. If you place restrictions one spending, you will put a halt to the process. Of course, this by itself will not eliminate the debt it is a first step.

The real work of reducing that card debt happens when you concentrate your efforts on lowering that balance. With the interest rate being what it is, the only way that you will be able to make a dent in your balance is to pay more than what is required monthly. Simply by determining how much you can pay above the minimum balance each month whether it is $20, $50, or $100 over, you will begin to see some results. Your balance will drop--so long as you remember to put the card away and not use it again.

If you begin to see results, you may be tempted to start spending again once the balance reaches a lower point. Resist this urge. Better still, you should make a concerted effort to change your spending habits permanently so that the credit card becomes a last resort rather than a regular means to make payments and other expenditures. This is easier to say, but harder to do for many people.

You will have to make adjustments in your spending habits. To do this, find out what you typically use the credit card for and decide if you can eliminate those commonplace uses and replace them with money you actually have in your bank account. (Obviously, if you don't have cash in your account, you really should be spending money that you don't have any way!) The card should be used in the case of emergencies and occasionally they can be useful when you are making big item purchases.

There are many challenges associated with credit card debt, but if you want out from under it, you must decide to change the way you use it, stopping using the card entirely if necessary, and plan to pay more than necessary to get the balance down.
About the Author
Peter Kenny is a writer for The Thrifty Scot, please visit us at Remortgage and Personal Loans Visit Government Seizes Control On Controversial Mortgage Lending
Rating:
Please Rate:
(Average: Not rated)
Views: 143
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources