Your goal: Paying off credit card debt and making sure you remain credit card debt-free. If you’re trying to make that goal, there are two different options you have. Both depend on your personal preference and what works best for your approach:
Controlling The Urge To Spend
Spending less money makes it easier to reduce your credit card debt. Do whatever you can to put less money on your credit cards. They will then be easier to pay off. Stay away from sales at stores and online retailers; buy things you need rather than things you want.
Then make sure to leave your credit card at home. This reduces impulse purchasing; if you really need to buy something, consciously put your credit card in your pocket. Then use it only for the purchase you want to make.
Lastly, create a monthly budget and stick to it. This is an important credit card debt elimination measure which forms the cornerstone of your plan. Eliminating your credit card debt revolves around this budget. You need to make sure you have enough money to pay off all that debt.
Credit Card Debt Consolidation
Debt consolidation or balance transfers from high APR credit cards to a low APR cards is important. Either combined with cutdowns in spending or on its own, it offers better odds for becoming debt free. Here are a few things that you need to do:
Analyze various balance transfer offers and choose the one that best suits you. Measure the initial APR, the initial APR period, and the standard APR and find the best option for your needs.
Secondly, look at the fine print on the balance transfer offer and terms and conditions. The tiny print could actually affect your overall credit card debt elimination plan.
Lastly, compare different options like rebates and reward points before finally deciding on one of the offers.