Credit Card Debt can be expensive. Especially if your Credit Card charges a high rate of interest.

Your minimum payment each month is not going to cut it so it’s time to start reducing your credit card debt.

This article provides some suggestions on what you can do to tackle your credit card debt.

If you have debt on several credit cards, you should concentrate on paying off the credit card that charges you the highest amount of interest per month.

Managing Credit Card Debt

If I were still paying off my credit cards then I would first of all find out which credit card debt is costing me the most in interest each month. (All my credit card debt has gone to debt collection now, so no interest is being charged).

I would look at my recent statements and sort out the statements by order of interest charged and the total balance I owe.

I would continue to make the required payments on all my credit cards but would concentrate my largest payment to the card costing the most money.

If there were things I could sell, I would do so and use the proceeds of the sale to pay off my credit cards. For example, you could list some of your unwanted goods on eBay and you might make a little in the process.

I would then follow the same routine until all my credit cards were paid off.

I would also try to pick up some overtime at work, and maybe even consider taking on a second job. Hindsight is a wonderful thing.

Check for any Charges

If you have any charges applied to you credit card, write to the company to see if some of them can be refunded.

It is worth a shot. I am currently trying to do this with Aqua Card but I am not having much success. You might have a different experience however so it is always worth a go. The worst they can do is say no.

Cut up you Credit Cards

To avoid the temptation of spending again, cut up your cards. At least then you can’t use them or add more on to your debt.

Unless you have memorised all the details. In that case you might want to cancel the card altogether. I should have done this to stop gambling online as cutting up my card did not help.

Consolidate your Credit Card Debt

If you have a good credit rating, you may be able to take out a lower interest personal loan to settle all your credit card debt in one fell swoop.

However as mentioned above, you should make sure you cut up the cards so you don’t get tempted to use them again.

If you do then you will end up in even more debt because not only will you have an outstanding balance on your credit card, you would also have a loan to pay as well.

Find a 0% Balance Transfer Credit Card

Again if you are in the position where you have a good credit rating, you may be able to get a credit card that has a 0% interest on balance transfers.

However check there aren’t any charges to make the transfer and that you will be better off.

Also check the rate of interest charged after the 0% interest period ends. You don’t want to end up paying even more than you was previously.