Getting into debt is so easy but getting out of it, well... that's another story. Credit card debt reduction can and, more importantly, will happen with planning and discipline in the way you spend money.
Credit card debt reduction starts with reducing the amount your spend and add to your card balance. So, the very first step you need to take is to go shopping without your card and use cash only. This reduction technique does not require you to stop shopping, but instead requires you to seriously evaluate the need of any item you want to purchase and not just purchase it on the spur of the moment. If you find that the item is something which you do really need and you do not have the cash available, you can always go home and get your credit card. By doing this, you will be more inclined to avoid costly impulse purchases. This can be a very effective technique to reduce your credit card balances by preventing you from accumulating bigger balances and causing you to get further into debt.
Another effective way to reduce your credit card debt is to consolidate your balances. You can combine your balances from high APR credit cards to one low APR one. This measure works by reducing the rate at which your debt increases. Choosing this method will generally give you a break on interest when the short initial or introductory period has an APR of 0%. If you choose to combine all of your credit cards onto one, you may also receive some extra benefits such as reward points. If you choose not to use this particular method, you could also ask your current card providers to lower you annual percentage rate. Sometimes card issuers are willing to grant this request for their customers.
There are many other methods you have to choose from besides the two methods mentioned above. Another option is to use debt reduction software to help you make a plan and a budget. Some programs may also come additional features such as financial calculators. These types of software programs are well worth looking into if you are serious about credit card debt reduction.
