I would like to reduce my credit card debt what the best way to do this?
Answer:
If your credit is in good standing you should be getting loads of credit card offers in the mail. Otherwise you might have a hard time getting something descent. Search "credit card finder" for other offers.
A technique I used was to pay twice the month finance charges. Don't just pay the minumum or you will be there for 30 years. Then take what ever else you have left over and apply it to the card with the least amount of debt. Once that is paid off you will feel good and work towards the other.
You also need to evaluate your spending. For example make coffee in the morning rather than buying it. Never buy bottled water. Get a filter instead and carry a nalgene bottle around with you. Pack lunches. Eat left overs. Call around for better/cheaper insurance. Get a roommate. Sell unused items on ebay. Get rid of your cable for TV. Get a part time job at night or on the weekend. I think starbucks is always hiring. Switch bank accounts to credit union or something that is free. Offer to help out friends and neighbors for a small fee. Use the library instead of buying books or renting movies. Don't try to limit your cash spending to small number a month. If you are out of money for the month tuff love. Don't eat out. Don't by alcohol. Etc.
find a card that has a low transfer rate, lots have 0%. transfer to that card, and pay it off as quickly as you can. pay more than the minimum or you will never get out of debt. always try to pay off cards with the lowest balance so that you can tackle larger balances head-on. you can ever ask your credit card company to lower your APR if you've been paying on time for a while. ALWAYS remember that even if you make one late payment, your creditcard company can bump up your apr a lot. some up to 30%.
stop borrowing - live within your means - credit cards should only be used as a short term loan - pay off the entire amount every 30 days.
Do something brilliant and buy stock in a credit card company - that way you become the credit card company and when people are paying off their debt, you get part of the take.
Having credit cards with balances that you have to pay interest on is just plain stupid. Don't do it. If you blew it and can't get out, then tear up the cards and pay them off as soon as possible.
You must learn how to save at least 10% of every dollar you make and invest it. You should never need a credit card except for convenience - pay it off every month - 100%
The only legit loans should be for homes, cars and large business deals. not for daily expenses.
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
Other Questions and Answers: