Credit cards are often an enormous convenience. But if you aren't careful then a credit card can also be an easy way to get into serious bad credit. Here are a few steps to cut down on your credit card debt.
● Having too much of Credit card debt can hurt your credit score.
● Always plan to pay more of your balance each month.
● If you have more than one credit card then first try to pay off the one with the highest interest rate.
How to Attack Credit Card Debt?
● Pay More than the Minimum - The credit card company might allow you to make a
modest minimum payment, but just making that minimum payment will result in years
of debt and many hundreds of rupees in added interest.
● Pay Down Your Cards in Order - If you have more than one credit card, then you should consider making the biggest payment on the card with the highest interest rate, instead of making equal payments on all of the cards.
● Avoid New Debts - Keep all your credit cards away for a while and try to make your daily purchases in cash. Doing this will also help you to know about the unnecessary spending that can be cut back on, and saved.
● Transfer Your Balances - You can also transfer your balances from high-interest cards to lower-interest ones.
● Consolidate Your Debts - You can also opt for a personal loan or a line of credit to consolidate all your balances (including credit card and other debts) at a lower interest rate.