by Doreen Martel

Created on: April 20, 2010

In a study conducted by Nilson it was estimated that the average household that has a credit card maintains debt on those credit cards in excess of $16,000.  For some people this could be as much as one half of their annual income, depending on their career choices. This amount is staggering and many people are searching for opportunities to reduce their credit card debt, but are uncertain as how to get started.  Here are some simple to implement credit card debt reduction tips.

Stop using them - All too often, having a credit card in our wallets is similar to having permission to purchase anything we want at any time. Rather than carrying your credit card (or cards) with you, leave them at home. If you commit to using your credit cards only for emergency purposes, this will be one way to immediately reduce your credit card debt. Avoid using your credit cards for "want-to-have" items instead of saving for them.

Consider consolidation - Check all of your credit cards and determine which one has the lowest APR. Once you do that contact them and ask about transferring balances from your higher APR cards. If this is not possible, consider searching for a lower APR credit card and consolidating all of your balances to that card. Some credit card companies may offer 0% APR for a specific period of time for transferred balances.

Contact Creditor - Contact your credit card company and ask them if they would be willing to consider a reduction in your APR. This can be accomplished if you have an excellent history with the card company. Many card companies are willing to negotiate if you are not delinquent in your payments.

Double payments - Instead of making your minimum monthly payment, try making payments that are equal to two monthly payments each month. This will help reduce the interest you are paying on your credit cards and help lower your balances faster. This is especially helpful if you are double paying your higher interest rate cards.

Summary

Instead of swimming in credit card debt, make a plan today to help reduce the amount you owe. If you use these simple to follow credit card debt reduction tips, you may soon find your credit card debt down to far more manageable levels. Get free of credit card debt beginning today. Remember, you did not accumulate your credit card debt in one day, and credit card debt reduction will not happen overnight. Using a sensible plan, you can free yourself of your credit card debt.

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