“Reduce credit card debt and eliminate it before it takes on a terrible shape” – that really is the gist of the story. So, how do you reduce credit card debt? Well, you reduce credit card debt by preventing it from increasing and paying off your current debt. Pretty simple, isn’t it?
Not really. If reducing credit card debt was that simple, then we wouldn’t have so many people with credit card debt related problems. We could have reduced credit card debt problems and eventually eliminated them (or greatly reduced them). There are now various suggestions on how to reduce credit card debt, but still nothing seems to have changed. The problem still seems to exist, and in fact is getting worse. However, reducing credit card debt isn’t that difficult. As we said earlier, there is a lot of advice on how to reduce credit card debt, and the only thing you need to do is to take that advice on how to reduce credit card debt and put it into practice in real life. Well, if you reduce your credit card debt, no one will benefit but you.
Therefore, the first step in reducing credit card debt is to prevent it from reaching dangerous proportions. The 2 most important ways to implement this step are – balance transfers and using cash.
Balance transfers are often seen as the number one measure to reduce credit card debt. This can really help reduce credit card debt by slowing down the rate at which your credit card debt builds up. It can also provide you with relief by offering 0% APR for the first 6-9 months (thus helping to reduce credit card debt faster). To reduce credit card debt using this mechanism, you need to transfer your balance from your current credit card to another credit card with a lower APR than your current one. Thus, you reduce credit card debt by preventing it from increasing rapidly.
Another precaution to reduce credit card debt is to use cash instead of cards (because, compared to using only credit cards, hard-earned cash is harder to get out of your pocket). So you reduce credit card debt by not adding to it. This is the easiest way to reduce credit card debt.
However, you can only reduce credit card debt if you stick to your resolution to reduce credit card debt; otherwise, it will fail miserably.