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The best way to reduce your debt

How To Reduce Your Debt

The best way to reduce your debt

Getting into debt is easy but getting out of it really a difficult task.

This holds good for any kind of debt and includes credit card debt too. Credit card debt reduction needs planning and discipline in the way you spend money.



Credit card debt reduction starts with reduction in the expenditures you make using your credit card. So, the first trick for credit card reduction is to go for shopping without your credit card (carry some small amount of cash).

This credit card reduction technique isn’t asking you to stop shopping, instead it’s just asking you to seriously evaluate the need of anything you want to purchase and not just purchase it on the spur of the moment.

So, if you really-really need to buy it, you will go back to your home to fetch your credit card thus introducing a delay that is instrumental in killing spur-of-the-moment purchase (and hence helping in credit card debt reduction).



It gives you time to evaluate if it’s really worth going back home and getting the credit card for purchasing that item.

So, in this case, credit card debt reduction is achieved by preventing the debt from building up further. It’s a very effective credit card debt reduction measure.

The other effective way of credit card debt reduction is debt consolidation i.e. consolidating debt from high APR credit cards to a low APR one.

So this credit card debt reduction measure works by reducing the rate at which your credit card debt grows.

Moreover, this way of credit card debt reduction also gives you a breather in the form of a short initial period when the APR is 0%.

Besides credit card debt reduction, debt consolidation also brings some additional benefits which are basically in terms of rewards etc offered by the new credit card supplier.

Thus this method of credit card debt reduction is really more than just a credit card debt reduction method – it’s a benefit provider too.

If you are not comfortable in taking forward this method of credit card debt reduction, you can seek the help of a credit card debt assistance company.

Besides these two credit card debt reduction measures, which are really the most important credit card debt reduction measures, there are other methods too for credit card debt reduction.

Another one is to ask your current credit card supplier for help in credit card debt reduction i.e. by lowering the APR. It might work out for you (as it does for some people).

Also remember, that there are people (professionals) out there who provide advice on credit card debt reduction (just in case you need them).


Credit card debt relief

Credit card debt relief is what every debt-struck credit card holder is looking for. Credit card debt relief is not just about reducing or eliminating credit card debt;



credit card debt relief is also about getting de-stressed. Credit card debt relief is about working for oneself and not just for the credit card debt that you have on you.

Yes, it’s unfortunate but true. In fact, you can hear statements like “I have got a better job, now I can pack up my credit card debt even faster”. So, in that sense, credit card debt relief is really about getting your life back on the normal track.

The most important credit card debt relief comes in the form of de-stressing you. Everyone knows about the harmful effects of stress; so, if credit card debt relief means postponing your purchases for later, you should do so.

There are no goods out there that can give you as much joy as credit card debt relief can. Besides postponing the purchase of your favourite goods, there are few more things that you need to bring into practice in order to get credit card debt relief.

Most of these credit card debt relief mechanisms advocate restraint spending e.g. preparing a (tight) monthly budget and sticking to it.

Using cash instead of card for making the payments for your purchases is another advice. Debt consolidation is another popular way of getting credit card debt relief.



You will find a lot of advice (and you can even hire a consultant) for ways to achieving credit card debt relief. So, there is no dearth of advice on credit card debt relief or credit card debt consolidation or credit card debt elimination.

However, what is not so common is the advice on how to act in the post ‘credit card debt relief’ period i.e. after credit card debt elimination.

It goes without saying that if you don’t exercise care in the post ‘credit card debt relief’ period, you might again fall a prey to credit card debt.

So, if you have been refraining from making purchases, you should not, all of a sudden, start purchasing all those favourite goods that you had been avoiding.

The recommended guidelines for post ‘credit card debt relief’ period are not much different from the ones for achieving credit card debt relief. Here are the top 5:

1. Plan your expenses using a monthly budget
2. Do not buy anything that you don’t need
3. Do not go for too many credit cards (just one or two should be sufficient)
4. Always make full payments of your credit card bill and do it before the due date
5. Never use more than 60-70% of the credit limit available to you.


Putting Your Card Debt On A Diet

Getting into debt is easy but getting out of it really a difficult task. This holds good for any kind of debt and includes credit card debt too. Credit card debt reduction needs planning and discipline in the way you spend money.

Best new student credit card
Best new student credit card

Credit card debt reduction starts with reduction in the expenditures you make using your credit card. So, the first trick for credit card reduction is to go for shopping without your credit card (carry some small amount of cash).

This credit card reduction technique isn’t asking you to stop shopping, instead it’s just asking you to seriously evaluate the need of anything you want to purchase and not just purchase it on the spur of the moment.

So, if you really-really need to buy it, you will go back to your home to fetch your credit card thus introducing a delay that is instrumental in killing spur-of-the-moment purchase

(and hence helping in credit card debt reduction). It gives you time to evaluate if it’s really worth going back home and getting the credit card for purchasing that item.

So, in this case, credit card debt reduction is achieved by preventing the debt from building up further. It’s a very effective credit card debt reduction measure.

The other effective way of credit card debt reduction is debt consolidation i.e. consolidating debt from high APR credit cards to a low APR one.



So this credit card debt reduction measure works by reducing the rate at which your credit card debt grows. Moreover, this way of credit card debt reduction also gives you a breather in the form of a short initial period when the APR is 0%.

Besides credit card debt reduction, debt consolidation also brings some additional benefits which are basically in terms of rewards etc offered by the new credit card supplier.

Thus this method of credit card debt reduction is really more than just a credit card debt reduction method – it’s a benefit provider too.

If you are not comfortable in taking forward this method of credit card debt reduction, you can seek the help of a credit card debt assistance company.

Besides these two credit card debt reduction measures, which are really the most important credit card debt reduction measures, there are other methods too for credit card debt reduction.

Another one is to ask your current credit card supplier for help in credit card debt reduction i.e. by lowering the APR. It might work out for you (as it does for some people).

Also remember, that there are people (professionals) out there who provide advice on credit card debt reduction (just in case you need them).


Pay off credit card debt

After you pay off credit card debt

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Credit card debt is a very big problem that is being faced by a lot of people who have been irresponsible and undisciplined in the use of their credit card.

Though some might have landed up with credit card debt due to some unfortunate event/emergency in their life, most people carry a credit card debt due to their own wrong doings

(i.e. wrong usage of their credit card debt). There are a lot of ways to pay off credit card debt and a lot of people do achieve this feat (i.e. are able to pay off credit card debt).

Surely, to be able to pay off credit card debt is really a great achievement in itself for not everyone is able to pay off credit card debt.

It takes a lot of discipline, restraint, planning and perseverance to finally pay off credit card debt. However, there is more to paying off credit card debt then just being able to pay off credit card debt.

Here we are talking about the life after you pay off credit card debt successfully.

As mentioned before, of all the people that try to pay off credit card debt not everyone is able to pay off credit card debt i.e. there are some failures too. However, some people fail after they have succeeded in paying off credit card debt.

These are those people who let themselves loose and go on a spending spree as soon as they pay off credit card debt. Soon, these people again land up with a credit card debt and are again trying to pay off credit card debt.

So, it’s not enough to just pay off credit card debt, it’s equally important to maintain a debt-free status even after you pay off credit card debt;

only then can you enjoy a stress-free life in the world of credit cards. So learn your lessons well and do not let yourself loose on the path to another credit card debt.

Most of the rules that you followed when you were trying to pay off credit card debt, will also hold good after you have paid off your credit card debt.



Here is a quick synopsis of things that you should take care of even after you pay off credit card debt:

1) Do not overspend. Yielding to the sale offers for something that you don’t really need, is a big mistake that leads to overspending

2) Always remain within 70% of your credit limit.
3) Make credit card bill payments in time and in full.
4) Don’t hold more than 2 credit card accounts (two are enough for anyone)

These are just very basic things; you can add more based on your own experience and knowledge.


Excessive credit card debt

Most people advocate the case of credit cards, quoting the benefits and convenience that arises from them. However, there is another group/line-of-thought that strongly opposes credit cards.

Best Credit For Those In College
Best Credit For Those In College

The reason being ‘Excessive Credit Card Debt’, which is one of the most serious problems faced by the credit card holders and credit card industry.

However, you can’t pull the shutters on the credit card industry just because of a few irresponsible people (or even if it’s more than few).

That is not a solution for beating excessive credit card debt. Moreover, you can’t overlook the benefits associated with the credit cards.

The issue of excessive credit card debt can be looked at from 2 angles.

First is addressing of the excessive credit card debt problem at the industry level and second is the addressing of the excessive credit card debt problem at the individual’s level i.e.

at the credit card holder level. The first method involves increasing awareness of the excessive credit card debt problem to the masses.

This is more or less being done currently too. However, there should also be an effort to tackle this problem of excessive credit card debt at an even deeper level.

This means trying to devise a mechanism to nip the problem (of excessive credit card debt) in the bud. This mechanism should actually be a part of the overall system. A lot of thought needs to go into devising such a mechanism.

Case studies should be taken up, statistics gathered and a proper forum formed (with representatives from the credit card holders and from the credit card suppliers).

As of now, the credit card suppliers just seem to be engaged in coming out with new products and getting customers enrolled to those products.

There is little attention paid towards addressing the problem of excessive credit card debt in the real sense.

Something like attending mandatory seminars on the root causes of excessive credit card debt could be made part of the credit card application process.



Another way of dealing with the problem of excessive credit card debt could be: developing a system for calculation of applicable credit card limit at the individual level i.e. no standard/product-based credit limits.

Then there could be mechanisms for proactively warning the users about excessive credit card debt (based on their credit card usage) or even imposition of early restrictions on noticing the first signs that lead to excessive credit card debt At the individual’s level,

the treatment of the problem of excessive credit card debt would include following of best practices (on credit card usage and avoidance of excessive credit card debt) by the individuals themselves.

A checklist or a set of questions could be provided to individuals for recognising the first signs of excessive credit card debt.

So, the problem of excessive credit card debt can surely be dealt with by putting together some serious thinking at a broader level together with discipline at the individual’s level.


College student credit card debt

Credit card debt doesn’t shy away from anyone who doesn’t want to shy away from it.

Best Credit Card Machines
Best Credit Card Machines

It treats everyone equally irrespective of whether the person is a seasoned professional or just a college student. So college student credit card debt isn’t uncommon either.

Since the credit limit on college student credit cards is much lower, the college student credit card debt cannot rise to the levels it does for other credit cards.

However, college student credit card debt is an even bigger menace because a lot of students are already in debt due to the loan they have taken for their education.

If they pass out of college with college student credit card debt, they will have to payback not just the loan they taken for studies but also their college student credit card debt.

Since most of the college students are inexperienced in the usage of credit cards, they can easily fall prey to what we call as ‘college student credit card debt’.

In fact, college student credit card debt is one reason why the credit card suppliers keep a lower credit limit on college student credit cards.

The solution for avoiding college student credit card debt is similar to what it is for avoidance of any type of credit card debt.



So, the first thing for avoiding college student credit card debt is to understand the concept that credit card is not free money and that whatever you pay.

-for using your credit card has to be paid back to the credit card supplier when your credit card bill arrives. So don’t treat credit card separate from hard cash.

Avoid overspending e.g. do not buy things just because they are on sale, sales keep coming and going and there are always better offers each time; buy only those things that you really need. A good thing to do is to prepare your monthly budget and follow it religiously.

Never budge from your budget. Another very important preventive measure for avoiding college student credit card debt is to avoid going for a second credit card.

Some students have a tendency to go for multiple credit cards just because the credit limit on college student credit cards is very low.

However, this is a perfect recipe for getting into a college student credit card debt. This is how college student credit card debt builds up. One credit card is more than enough for any student.

College student credit card is really meant to be treated like a training ground for learning more about credit cards. It should not be make an instrument of debt (college student credit card debt).


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