Credit SparkFinancial Tips for the Average Joe

Let’s face it. Reducing your credit card debt in not as easy as preventing it to reach sky rocket levels and paying of your current balance. If this would be the case then we would have been able to reduce these problems completely or at least be able to to reduce them to a controlled level. It seems that all advice steers people in the same direction. “Pay more than you charge to your card and you will eventually pay your debt.” This is what every one tells us. The point is that this strategy is not working for the majority of people.

Reducing Your Balance

The truth is that it’s not that hard to reduce your credit card debt. The first step that anyone that wants to get of their debt is to put all the good advice that people give to you and put it to work. The truth is that no one is able to reduce your debt but you. So the strategy is simple.

Keep your card from getting to dangerous levels. This can be accomplished by taking two steps. The first one is to make a balance transfer. A balance transfer moves your current balance of from your existing account and on to a new credit card that has a lower APR than the one you currently have even better is a card that has an introductory APR of 0% for the first months. Usually an APR of 0% is a grace period and can last from anywhere between three to nine months. As a rule of thumb, the longer the grace period the better. This step helps put a stop on recurring interest charges for the introductory period while you pay. It reduce he rate at which your debt grows and makes your payments have the most possible positive impact in your balance.

The other step is leave your card at home. Avoid taking your your credit card to a mall or any place where you may feel tempted to make unnecessary purchases. Take some cash instead. You will be amazed at how it is more difficult to hand out your hard earned cash than giving out your card and thinking that you will be able to pay later. This is something that happens to a lot of people. If it has happened to you before, leave it at home and forget about it for now.

Some final words. The only way to end your never ending struggle with debt is by not making your debt grow. But again, the only one who can end your debt is you.

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