How to Attack Credit Card Debt

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By Daphney Bracey
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In this article, I will provide you with tips and ideas of things you can do to attack your outstanding credit card debt.

Difficulty: Moderately Easy

Instructions

Step 1

First start by assessing how much debt you have. Begin by writing down all of the credit card companies or creditors along with their outstanding balances. Then you would want to create a budget. Creating a budget will simply help you see how much you can actually afford to pay towards your outstanding debt.
Step 2

Next thing to do is cut your spending. This will free up more money so that you can apply it to your outstanding debt. Tips for this would be to find ways to cut on other expenses such as your utility bills, eating out and entertainment. For example, during the summer months, I would hang my laundry out to dry instead of constantly running my dryer. And I would set my thermostat to seventy eight degrees in the summer to keep it from constantly running throughout the day. As far as entertainment, if you are a movie goer, try catching a matinee instead and opt out on the pricey snacks. Another idea would be to cut your cable down to the bare minimum. I did this myself eliminating premium channels and have been able to save $300 over a one year period.
Step 3

And finally, start comparing credit card rates. Be sure to always read the fine print. Some rates may start off low but have the potential to bump up after a short introduction period of time. Also realize, it could take just one late payment for that lower rate to be raised. Rule of thumb, always pay on time.