Financial Resource

If you are determined to get out of credit card debt, you surely can. Though it’s a bit difficult, it’s certainly not impossible. All you need, to get out of credit card debt, is determination and planning. In essence you need to reduce your card debt and eliminate it before it assumes a horrifying shape. This is really the gist of the story.

So, how do you reduce credit card debt? Well, you reduce it by preventing it from increasing, and by paying off what it you currently owe.

But can it be as simple as that? Not really. If it was that simple to reduce, then we wouldn’t have had so many people with credit card debt related problems.

There is plenty of advice available on how to reduce credit card debt, but still nothing much seems to change. The problem still seems to persist or if anything, worsen. However, it need not be that difficult to reduce. You just need to take action and put that advice into practice in real life. After all, you are the one who will benefit if you do succeed in reducing your debt.

So now ask yourself:

· What will I have if I am able to get out of credit card debt?
· What difference will it make?
· Is it really beneficial to get out of credit card debt?

Use the answers to build your determination. The fact that all the nagging via mail/phone (by the credit card supplier and/or their collection agent) will be gone, should go a very long way to strengthening your determination and resolve. This surely is the perfect reason why you should endeavour to get out of debt.

Think about the stress-free life once you are debt-free. Try to link various reasons together and see the benefits through them. Collectively these benefits will help in bolstering your willpower and prevent it from getting weak at any point in time.

Begin by making a list of the credit cards that you currently posses and noting the debt and the APR for each of them. The sum total of all these various credit card debts will give you the total credit card debt. So the first step to reduce your debt is to prevent it from taking dangerous proportions.

The two most important ways of implementing this step are: balance transfers and use of cash.

1. Balance transfer is really an effective way to reduce credit card debt, by slowing down the pace at which your debt is getting built up. It also provides you relief in terms of the APR being 0% for initial 6-9 months (and hence helps reduce card debt faster).

To reduce credit card debt using this mechanism, you need to transfer your balance from your current credit card(s) onto another credit card that has a lower APR. Thus you are preventing it from increasing so rapidly.

2. Whenever possible pay with cash instead of using your card. You will therefore be helping yourself by not adding to the debt. This must be the simplest method of reducing the balance on your cards.

Essentially you need make a few simple changes in your life:

· Control your urge to spend. Unfortunately this is a must. Stay away from shops with offers you simply cannot ignore.
· Leave your credit card at home.
· Prepare a monthly budget, and stick to it.

In the end success or failure will, however, be down to you. You are the only one who can actually reduce your card debt, so you need to keep your determination strong.

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