Credit Card Debt: How to Reduce Credit Card Debt

Everyone remembers their first credit card, having a credit card is like coming of age or like being an adult. You’re now a full fledged member of adulthood because you have a credit card. Having a credit card is essential if you want to live in the modern world.

You need to build your credit score, a good credit score preferably and you also need to have buying power when you make large purchases like a car.  Having a good credit score will make it possible to get a mortgage in the future to purchase a home.

After time goes by, the excitement of having that first card has probably warn off, in fact you probably gets tons of credit card offers in the mail now and don’t even bother opening the credit offers. You probably also likeeveryone else paying extremely high interest charges each month and are looking for a way to eliminate credit card debt, or at least reduce credit card debt to a manageable level.

There are several different ways you can use to eliminate credit card debt. You can do-it-yourself, hire a company that specializes in reducing or file for bankruptcy to eliminate all of your debt. The best way and least expensive way is to do it yourself.  Here is what I did and it also worked for a lot of other people in the same predicament. 

I took a look at how much income I have and how much money I am spending each  month. After I crunched those numbers I came up with a plan. For each unsecured credit card debt, like a Master Card or Visa I began paying only the minimum due every month on credit cards that had the lowest interest rate. I then took my remaining money and applied it to the credit card that had the highest interest rate.

I paid as much as I could every month and only bought what I needed, not what I wanted. It took me about nine months to pay off the highest interest card but I did it! I was so excited, after my initial my success, I decided to do the same with my other credit cards.

In two years I didn’t owe any credit card debt at all. I had the financial freedom I hadn’t had since I got my first credit card. Now that I totally eliminated credit card debt I decided to keep my fugal ways and sock money away in a savings account.