There are few options that match the convenience of making payments the way credit cards do. But it has a high cost attached to the convenience in the form of huge monthly bills. Many people are in credit card debt, which leads them to see just how costly the setup really is. Luckily, there are ways one can avoid such a situation altogether. There is an urgent need to get people off credit card debt.
The first way to avoid it is to stop using credit cards. This seems straightforward enough, yet not many people stick to it. The convenience it offer has made it hard for people to stop using it. Cash payments should become the new norm. Cash is also great at making it clear how much you are spending, which can help you cut back on the habit.
You need to have a budget. t needs to be written as well as realistic. You need to write down your exact monthly income and all the expenses you incur therein. This will then help you see where all the money goes. This will make it easy to prioritize your spending. You need to ensure you have enough to pay off your credit card debt.
You need to set aside the cards with the highest interest rates. You then need to switch to the one that has the least interest rate. You should then cancel the others. You need to find out what other banks offer, so that you can spot better terms. Some of them usually accept a card balance transfer from another bank. You will thus have an easier time paying off that card, when you face less charges.
You can also make things easier for yourself by consolidating all your balances from different cards. You can do this when you take a short term loan to pay them all off. This leaves you with only one debt to focus on, which is less stress than having to pay off all those different debts. It is also simpler dealing with personal loans than it is attending to credit card debts. The lower interest rates are also a great way to reduce your overall expenses.
You can also increase your monthly payment by double the expected minimum. This is good for you, since you are cutting down the overall amount owed faster. Interest rates are calculated against the overall amount owed. This way ensures that rate is kept minimal. This should see you paying more per month. There is no method that makes the debt disappear faster.