It is typical to see people with not one or two but up to ten different types of credit cards. And along with having credit cards come having credit card debt. Learn the best ways to get out of credit card debt as quickly and painlessly as possible.
The Reserve Bank of Australia conducted a research study that brought to light that there are over 14 million credit cards in use in Australia in 2009. These cards combined carry a total balance of over $45 billion. The estimated interest that is being paid on those cards is estimated to be around $33.8 million.
Would you not like to be one of the credit card users that is not paying a huge some of interest on their credit card and may even be getting out of credit card debt? Here are 3 ways to do just that.
1. Change Your Credit Card
There are many credit card comparison sites like Credit Card Finder among others that will give you the latest information on dozens of cards. If you are currently in a card that has a high balance, you can look for offers with other cards that have a low balance transfer option. Or if you are looking for a lower rate, you can search by interest rates to find the best deal
2. Pay The Highest Interest Rate Off
If you are carrying balances on several cards then you should take note of the interest rates on all of them. Find the card that has the highest rate and pay that balance first. And, pay your overdrafts as they are often more expensive than credit cards. Then go down your card list. Find the next card that is carrying the next highest interest rate and pay that one down. Do this until all balances are paid off and you are on your way to getting out of credit card debt.
3. Pay More Than The Minimum
If you only made minimum payments on your card, you could very easily never get out of credit card depending on what your interest rate is. Be creative and use all resources at your disposal to make payments that are higher than the minimum. You can “find” more money by selling unwanted items, closing out poor or non-performing investments or closing out dormant accounts.
Getting out of credit card debt is not easy but it can be done. The satisfaction and freedom that comes from being debt free is worth more than any item of merchandise or trip. With dedication and hard work, you can make it happen.
Related posts:
- Tips To Follow And Reduce Your Credit Card Debt
- Tips to Help You Pay Off Credit Card Debt
- The Easiest Way to Pay Off Credit Card Debt Explained
- Why balance Transfer debt?
- 5 Ways to Cut Down and Reduce Your Bank Fees
Posted on Sunday, June 27th, 2010 at 8:34 pm
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