If you’re getting behind on your credit card bills, it’s time you take steps to manage your debt and avoid high balances and interest charges which can limit your financial options. Given below are 15 tips which can help you pay off credit card bills without leading you to debt problems. Check out the following sections to know about the debt consolidation benefits in detail and find out how the community helps you:
1) List your debts
Prepare a list of your credit card accounts along with the account number, interest rate, outstanding balance, payment due date, credit limit and the minimum payment. This will give you a clear idea about how much you owe on your accounts and help you manage your bills responsibly.
2) Pay more than the minimum
Try paying more than the minimum payment each month. The minimum payment includes mostly the interest on your account. So, if you pay only the minimum amount, the credit card company makes more interest while you lose the cash in your pocket. Moreover, it’ll take you longer to get out of debt. But paying more than the minimum reduces your balance and helps you pay off credit cards fast.
3) Negotiate a low interest rate
If you’re in financial problems or your bills are getting out of control, call the credit card company and tell them about your situation. If required, negotiate a low interest rate at which you’ll find it easier to make your credit card payments.