Before you start reducing your credit card debt, know where you stand, for example; a lot of people will say they’ve got a certain amount of debt — $10,000 let’s say – when its $ 12,000 or $ 18,000. “You will never hit your target if you don’t know where it is, so try to be honest with yourself & write down the debt, the interest rate on every card you have.
If you’re carrying balances on multiple cards, it’s a long haul to wipe out those debts. So, give yourself a boost of instant gratification right from the start & ask yourself: What short-term financial goal will make me feel as though I’m making meaningful progress on debt reduction?
If your answer is “Having one card totally paid off,” then throw as much money as you can toward the card with the lowest balance first.
The quickest way to save big on your credit card bills is to negotiate a lower interest rate. If you can shave off even a percentage point or two, you can save hundreds as you pay off your debt. A simple phone call and a polite request may be all it takes. While your credit score will play a large role in whether you get a rate cut, it’s not the only factor. Every lender has its own approach to this issue. It never hurts to give it a shot.
Write down all your regular, committed costs (mortgage, utilities, insurance, car payment, minimum credit card payment, phone, gym, cable, etc.) and track other variable expenses such as restaurant meals, entertainment and travel. This will serve as the foundation to your budget.
While you don’t want to spend every day fretting over your bills, keep an eye on your spending. “Revisit your progress every few months and accept the fact of how much time it will take to get out of it.