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Nursing debt is one of the many issues that people are facing today. In the US, there is an average of $7000 credit card debt per family, reports say. This includes an interest rate of $1000 per year. That amount alone can pay off other bills or loans, but people end up paying interest rates for unnecessary purchases using their credit cards.
The best solution to end credit card debt in the US and anywhere in the world is to eliminate debt completely. Each person wishes to be debt free, but there are situations that cannot be avoided such as using credit cards to purchase regular stuff that people use. Eventually, this leads people be in debt and distressed most of the time.
With an average of 3 credit cards per person in the US there’s no wonder people are getting into a lot of financial trouble. Most of the time all 3 credit cards are being used and interest rates vary per card. Maxing out all 3 credit cards eventually results to people going in debt and jeopardizing their credit scores.
What You Can Do To Reduce Your Credit Card Debt
• If you own 3 or more credit cards, monitor each card’s spending. If you are not doing this, then it’s time to do so. If you are just spending your card and not thinking of the amounts you paid and the due dates, then you are deliberately causing yourself the trouble.
Having 1 credit card is already a responsibility, what more if you have 3. You may use an excel spread sheet in listing down your purchases per card. Jot down the due dates and the minimum payment due. Include the interest rate per card.
• Once you have a clear picture of how each of your credit cards has accumulated, check the card that has the highest and lowest interest rates. Now, decide on which card to pay first. Some people say that it is best to pay off the card with the highest interest rate to reduce debt the fastest. But some will advice that it is better to pay off the lowest interest rate.
Both are beneficial, but it will be dependent on your capacity to pay. If you can pay off the highest, the better and the faster you will be able to reduce and eliminate your credit debt. If you are short on the budget, pay off the lowest then.
• If your cards have rewards points that are convertible into payments, now is the best time to use it. Talks to your credit card provider about it.
• If 1 or 2 of your cards are high contributors to your credit debt, choose which is contributing the most. Pay off your credit on that problem card first then followed by the second highest contributor. This will reduce your debt faster.
• Once you have paid off all your credit card debt, practice a reasonable and healthy spending habit. This will keep you from being in debt.
• Remember the monitoring sheet? Once you are out of debt, don’t forget to still use your monitoring sheet. Whether you only have a few dollars credit on each card, it is always best to monitor your spending to avoid being in debt again.
There are still other ways to help you deal with credit card debt. There are credit consolidation and services that can address your issues. But if you can do it on your own with these tips, you can also be debt free without spending money on hiring someone to do it for you.
Managing Student Loans
There are ways to stay out of credit card debt for good. Although some people find it hard to solve their debt problems on their own, there are ways to improve their credit card handling and financial status while on the verge of fixing their debt issues.
Some people live without credit cards and they like it that way because they are afraid of credit and going into debt. But if you are just starting off with your credit card, it is very much helpful to learn the ways of staying debt free to keep a good credit record.
Tips To Stay Debt Free
• If you have a credit card, keep yourself in check and in control. Credit cards are supposed to be used in emergencies only. That’s the main purpose of having one, but people have been using it for unnecessary purchases as well. That’s when debt materializes and burdens people who cannot stop.
• You can open a separate savings account that will serve as your emergency funding for credit card payments. If you have no credit card, then good for you. You can still have this savings account as a refuge for payments. But remember that unnecessary purchases will deplete your funds if used uncontrollably. So always keep your money in check and your spending at full moderation.
• If you can’t help but have a credit card, only avail one. If you have one and it’s been maxed out, you’ll end up in debt if you can’t pay for it. If you have 3 or more, that’s more trouble. Keep your cards at a minimum of 1 and maximum of 3 only. The more cards you have, the more credit you will accumulate.
• If you have been out of debt for a while, keep it that way for good. There’s no other way to be debt free but to keep it that way. Maintenance is important if you don’t want to end up in debt the second time around.
• Regularly check your credit report. You have a free credit report annually from all 3 credit bureaus, so take advantage of that opportunity. Check your credit report and inform the credit bureau of any dispute to save your credit score and your money.
• Pay off all your debt. If you happen to have a dispute on your credit score, solve it at once. If it turns out to be a legitimate debt, pay it off quick. If you have problems paying for your credit, you may opt a credit card debt management such as debt consolidation to be able to wipe out your debt. Even if it takes time, it is still best to face your responsibility to get out of it completely.
• Know your responsibility as a card holder. Most of the time people who have credit cards are using it as if there’s no tomorrow. If you have one, then there’s a huge responsibility that needs to be addressed. You need to pay no matter what. You owe the credit card company money, so it is imperative that you repay what you owe them.