Simple Steps to Get Rid of Your Multiple Credit Card Debt

Credit Card And Piggy Bank

Today almost every person has a credit card. Some person has multiple credit cards.

Many know how to manage credit cards but some use them so carelessly that they fall in too deep debt.

A person should never keep more than one credit card as more credit cards always result in more credit limits and subsequent debts.

One could easily get trapped into the debt of the credit cards much earlier than you can think of.

Being aware of the ways in which you can get over the debts can be a really good thing.

Here are some of the ways in which you can fight the menace of the credit card debts.


Step #1: Keep up your repayments

The higher your balance on the credit cards, the higher interest will be charged on them, if in case you miss your repayments you will even be charged with higher interest.

It’s better to pay off the bill on time to get rid of late payments and high interest charges.

Don’t pay in parts; pay the balance amount in full.

If you pay the minimum amount balances then also you are not out of the problem, your interest charges will keep on increasing which will become a burden later.

Credit Card And Piggy Bank


Step #2: Pay off the highest interest credit card

If you have too many credit cards with balances on each one of them, then it will be good if you take out your credit card balance with highest interest rates and then pay them first.

As the higher interest rate charged on the amount will increase your debt amount more than the least interest rate accounts.


Step #3: Close them as soon as possible

It will be better if you close your unnecessary credit accounts.

Once you clear all your credit card balances then it will be advisable that you should close your credit card accounts which are not so important.

You should close the newest credit card accounts as they don’t carry long credit report. You should keep the oldest credit card account which has your oldest credit records.

Closing a credit card will help you to be in your credit limits.


Step #4: Use your last credit card properly

It is better to use your credit card properly. The credit card is given for emergencies when you are out of cash.

In case of any emergency you can pay off your dues or bills on credit rather than using it on unnecessary things.

Whenever you have to make expenditure use cash money and if in case you don’t have cash and it is important then you can use your credit and later you can pay them easily to your credit card company.

If you want to have peaceful lives then don’t open too many credit accounts and use your credit properly.

Make a budget of expenditures which you have to do with your credit card and stick to it so that you can easily pay them at the end of the month.

Steps to be taken to stay out of debt:

  1. Make a proper financial plan which consists of your earnings, expenditures, dues, and savings and divide your income accordingly.
  2. Stick to your budget honestly and properly.
  3. Understand your income as to how much it comes and how much of it goes or the expenses
  4. Make your budget that you can manage everything
  5. Don’t spend your money on unnecessary things
  6. Use your credit card properly, don’t take unnecessary things from it
  7. Pay your full bill by credit card to be away from late fees and high interest charges.
  8. Make payments for all your dues on time to avoid late fees.
  9. Use alternative ways to save money if you can get them at cheaper rates from any other way.

10. Be focused on clearing all your debts first rather fulfilling your luxuries.

Many people make mistakes in using their credit cards, they use them in such irresponsible ways that they get into deep debt.

You should use your credit card in emergencies as it is provided to you for emergency case when you are out of cash you can visit here.

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1 thought on “Simple Steps to Get Rid of Your Multiple Credit Card Debt

  1. I would like two points:

    a) I would disagree Step 3 – with closing your credit card account because this can give you a lower credit card score.

    b) What if you simply cannot afford to pay your credit card debt. What do you do then? Because, I help people in that desperate situation.

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