Cut your Credit Card Debt with these Easy Tips
Credit Card debt has just risen to the highest level in 3 years in British Columbia. Debt Denial is affecting 50% of the Canadians. These consumers are carrying high levels of credit card debt and paying minimum payments every month and think it is okay!
If you are reading this, then you may have already taken a step in the right direction. Cutting Credit card debt is one significant step in financial debt freedom.
Tips to Cut your Credit Card Debt
- Pay for your purchases with cash. Guaranteed solution to assist in prioritizing purchasing into needs vs wants.
- Get those credit cards out of your purses and pockets. You need to put them away, far away and eliminate access. Bury them in a box, freeze them in a block of ice in the freezer, have someone else in the family hide them for you. Whatever it takes to control your access. Ideally all credit cards should be put away, realistically leave yourself one card for emergencies but don’t carry it with you shopping.
- Prioritize your credit card repayment to pay off your highest interest rate cards. However, don’t make the mistake of missing any payments on the lower rate cards. Monthly payments of smaller balances will keep a positive credit score.
- Set short term goals, the feeling of accomplishment and success will have a positive snowball affect. Every time you pay off a card, you have more money to redirect at the next card, the momentum builds and balances start to drop quickly.
- Use technology to simplify, track and help you achieve debt freedom. Best rated apps for Apple Smart Phones are less than $2.00. Android Phones also have well rated apps designed to assist you cut your credit card debt.
- Cut your personal operating monthly budget to increase your funds. You may need to cancel your winter holiday, give up that daily $6.00 Starbucks coffee, reduce the trips to Costco and eliminate restaurant dining in order to get your balances back in order.
If you are buried in your credit card debt and just don’t know where to start. OR if you have been trying all these techniques and still have not found breathing room in your finances, it could be time to talk to a professional.