Credit Card Big List

If you have managed to accrue a lot of credit card debt, now it
is time to work on paying it off. This is not a fun process. As
a matter of fact, for many it is downright painful. But it can
be done if you follow these steps.

Cut the interest

One of the biggest things that is going to keep haunting you on
credit card debt is interest. It just keeps adding up and every
time you make a payment you are often paying more of the
interest than the principal. This means you can keep paying and
paying and barely ever get ahead in trying to get rid of all
that debt.

So, how do you stop that interest from getting in the way? With
a 0% interest credit card. These are also often known as balance
transfer credit cards. These are cards where you can transfer
all of your current debt and pay down the principal with no
interest added for a set time.

To find the best balance transfer credit cards, look for ones
with 9 months, a year or more of interest free payments. That’s
more time you can pay down the principal before interest kicks
in again.

Cut Back Expenses

In addition to getting lower interest rates on your credit card
debt, you also want to try and put more money on the balance
every month. The more you pay, the faster you pay it off. But
where are you going to get the money? Cut back on your current
expenses.

Cutting out a couple of movie nights or dinners a month can be
plenty of extra money to pay down your debt, not to mention
those are new charges that won’t make it to the card.

Get More Income

The final way to get rid of that credit card debt is to bring
more money in that can be used to pay down that principal. There
are a few ways to do this - getting a new job or selling things
you already have.

Many people choose to pick up a seasonal job as a means to pay
off their credit card debt. While it may eat up a lot of your
free time for a while, it will also be a great way to keep busy,
and not spend any money, while you make more money to get out of
debt more quickly.

With the advent of eBay there is a market where you can sell
nearly anything you have to other people who will want it. If
you have collections of things you used to enjoy having, but
have spent the past few years in the closet, you may want to
think of liquidating those items to bring in some extra cash
that can be put on your credit card debt and move you more
quickly to being debt free.

Author: Stephen Sikes