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Reduce credit card debt

It’s easy to get into debt, but getting out of it can be a really difficult task. This applies to any type of debt, and that includes credit card debt. Reducing credit card debt requires planning and discipline in the way you spend your money.

Reducing credit card debt starts with reducing the amount of money you spend with your credit card. Therefore, the first trick to reduce credit card debt is to go shopping without a credit card (carry a small amount of cash). This credit card reduction technique does not require you to stop shopping, but rather requires you to carefully assess the need for whatever you want to buy, rather than making a purchase on a whim. So if you really, really need to make a purchase, you will go back home to pick up your credit card, thus introducing a delay that is helpful in killing the spur-of-the-moment purchase (and thus helping to reduce credit card debt). It gives you time to evaluate whether it’s really worth going home to get your credit card to purchase the item. Thus, in this case, credit card debt reduction is achieved by preventing further accumulation of debt. This is a very effective credit card debt reduction measure.

Another effective way to reduce credit card debt is debt consolidation, where the debt from a high APR credit card is consolidated into a lower APR credit card. Thus, this credit card debt reduction measure works by reducing the rate at which your credit card debt grows. In addition, this type of credit card debt reduction also gives you a respite in the form of 0% APR for an initial short period of time. Apart from reducing credit card debt, debt consolidation also brings some additional benefits which are basically in terms of rewards offered by the new credit card providers etc. So, this method of credit card debt reduction is actually more than just a method of reducing credit card debt – it is also a benefit provider. If you are not willing to use this credit card debt reduction method, you can seek the help of a credit card debt assistance company.

Aside from these two credit card debt reduction measures, which really are the most important credit card debt reduction measures, there are other credit card debt reduction methods as well. Another is to ask your current credit card provider to help reduce your credit card debt, i.e. by lowering your APR. This may help you (as it does for some people).

Also, keep in mind that there are people (professionals) who will offer advice on reducing credit card debt (if you need them).