Eliminate debt: lighten Your Credit Card Debt

Do not let guilt stop you from taking positive measures. The average family with credit cards leads to a huge debt of $ 8000. It is easy to fall into the mind. But moving in the right direction now can help you achieve other financial goals.

Leave all but a card at home. Keep a card with one of the best rates and terms-ro better track your spending. If you are the type who likes to compare your cards' spending limits, you will also contain the damage to a card.
Use your debit card. Train yourself to use your debit card instead of your credit card when you are short of cash. You avoid running balances, no monthly fee, and because the money comes from your account, you'll think twice before buying something.

Know your customer. Credit card interest rates can vary from zero to 28 percent. If you do not know why your interest rate is very important, here's an example: Suppose you have a balance of $ 1,000 and your interest rate is 22 percent. It will take 12 years to pay this balance if you make only the minimum payment of 3 percent. Meanwhile, you can pay $ 1234.17 in interest. The same balance to 12 per cent interest would be 8 years to pay you, and you only pay $ 407.54 in interest. It's not much, but it represents a saving of over 50 percent.

Do not miss the deadlines for payment. Typical credit card late fees are $ 25 to $ 30 range. if you pay your bill by the due date or one or two before, call the credit card company. Some let you pay by phone with an account number to check, others have Web sites that pay you electronically (and instantly).

Lowering the interest rate on your current card. Call your credit card company and tell them you want to cancel your card because a competitor offered a lower interest rate. They can offer lower rates on your site, and if they do not, you have canceled the credit card.

Get a map of lower interest. Unless you are already paying the lowest rate available, consider transferring your balance to a low rate of the card. Pay attention to what is called the rate of introduction, though. They usually last for four to six months and then can switch to 15 per cent or more.