Can You Help Me
Reduce
Credit Card Debt
Can you help me reduce credit card debt?
How many times I have heard this question over the decades!
It does not matter how the economy is doing or what type of job the person holds. From executives in the corner office, politicians, union workers and even college students, I have heard from all.
You are probalby like most people in the world today. You find that your credit card debt all of a sudden is huge, growing and out of control.
Friends and family probably have told you to stop spending and buckle down.
Easy to say; harder to do.
The best advice may be free. But, if you are finding you are having a difficult time following the free advice you should seriously consider consumer credit counseling.
With that being said, here is your free advice to reduce
credit card debt:
1. Sit down and look at your credit card statements. Find where and
what you are charging on your card each month.
2. Highlight anything that you see repeatedly. These may be fast food
restaurants, coffee shops, or department stores.
3. Look at these expenses and see if you can reduce or eliminate any of
them.
4. If you’re spending a lot on unnecessary items than consider
making a rule that you only charge in an emergency, or only for special
events like birthdays, weddings, holidays, etc. (That absolutely
adorable purse or that cool new electronic gadget does not qualify as a
special event!) This will help you cut down on the impulse buying.
5. Look to see if consolidating credit card debt onto a single low, or
introductory rate, credit card makes sense for you. It will save you
tons in interest expense.
6. Pay more than just the minimum payment each month. No one can reduce
credit card debt by just paying the minimum.
When you are in over your head with credit card debt, relief can seem miles away. Just remember that the best help to reduce credit card debt comes from within.
By Thomas J. Withrop
Retired Senior Vice President
Consumer Banking
