Looking for a Solution to Your Credit Card Debt Problem?
Credit Card Debt. First of all, you can take comfort in the fact that you are not the only one fighting the credit card debt problem. There are hordes of people who might have an even worse credit card problem compared to you; all of them seeking to eliminate the credit card debt problem. So what is the solution to resolving debt due to credit problems?
Well, the solution really is to smash the credit card debt problem with full force and eliminate it completely. Now how do you do that?
There are many ways in which you can tackle the problem. Different people suggest different ways of handling it. However, here is a simple step by step account of what you can do to get rid of your credit card debt problem.
Take stock of the situation, i.e. create a spreadsheet (or just a sheet of paper) with the following fields – Credit card name, balance, payment due day (the day of the month by which you are required to make payment of your credit card bill), APR, reward points earned, redemption offers applicable for your reward points balance, remarks. See: Pay Off Credit Card Debt Calculator
Fill the table up with data from your various credit cards.
Figure out which credit card is contributing the most to the problem i.e. highest APR and highest balance.
Check if reward points can be used to make partial payments or cover any kind of fees or if the points can be bartered for something you need (spending less means preventing the problem from getting worse).
Draw a comparison table of offers available for eliminating credit card debt (i.e. consolidating).
First, eliminate debt on the credit card that is contributing the most to the problem.
Practice controlled and healthy spending habits (after all you are looking to get rid of the problem).
Look for alternative means of adding to your income (more money means earlier termination of debt).
See your debt reduce with time and celebrate the day when you finally put an end to your debt problem.
Remember these are our 9 ways of tackling your credit card debt problem; you might devise your own approach for doing away with a credit debt problem. Any and every approach is good if it fulfills the objective of reducing credit card balances and eliminating the debt.