With the holiday season behind us, many people are making New Year’s resolutions to decrease their credit card debt.
There are many ways in which a person can reduce the balances contained on their credit cards, along as they follow a systematic approach to it.
According to Erin Schurenber of Money Magazine, consumers can reduce their debt by
- Choosing to use cash instead. Many people prefer the convenience and ease of using a credit card, however it is hard to pay off a balance if you continually add to it.
- Leaving their cards at home.
- Using debit instead.
- Comparison shop for credit cards with little or zero percent interest rate. Then consider transferring the balance from a credit card with a higher interest rate to one with a little or zero percent interest rate.
- Calculate the total amount owed and devise a plan to automate your current minimum payments.
These are just a few of the suggestions stated by Schurenber. To find out more visit cbsnews.com.
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