How to Fix Credit Card Debt on Your Own

Do you have a lot of credit card debt? You're not alone. In the Federal Reserve Board announced that the average U.S. family had over $8,000 in credit card debt. Fortunately, you can take care of your debt with some simple steps and a whole lot of perseverance.

Difficulty: Moderately Challenging

Instructions

1. Call your creditors and see if you can get a lower interest rate. Many credit card companies will do this if you are a good customer. If they say no, ask to speak to a supervisor and casually mention the fact that you are thinking about going with a card that has a lower interest rate. Ask him what he can do for you.

2. Ask for a better payment plan while you have your credit company on the phone. Often you can get your minimum payments lowered if you are in special circumstances.

3. Transfer your balance to a card with a better interest rate if your current credit card company won't make a deal. See? You weren't bluffing!

4. Pay more than your minimum balance each month. The minimum balance often covers little more than fees and interest. Paying more will chop away at that balance faster.

5. Pay two payments a month. Don't think that you can only pay on your card once a month. Every time you have a little extra money or every time you get paid, pay a little extra on your credit card balance. You can do this by paying on the card's online site.

Tips & Warnings

• Check the balance of your credit card every month.
• Put your card in a dresser drawer or in the glove box so you won't use it except for emergencies.

Resources

• Tips from the Federal Trade Commission

[007bobbyj]

on 11/6/2009 Helpful!! 5* & R

[NightowlMama]

on 7/13/2009 this is how we do it thanks for the extra tips