tips on how to control holiday credit card debt
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The simplest way to avoid poor debt is to organize your expenses, set a particular budget, and stick with your limit. But what if you are stuck in credit card debt after the holidays? What would you do in order to get away from the situation? On this post, we share tips for cardholders the way to manage debt. More info: http://www.badcreditresources.com/articles/how-to-manage-holiday-credit-card-debt/TRANSCRIPT
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What if you are stuck in credit card debt after the holidays?
What would you do in order to get away from the situation?
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On this presentation, we share tips for cardholders the way to manage debt....
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#1: Look At Your Accounts#1: Look At Your Accounts
Guarantee that there isn’t any incorrect charge in any of your accounts, particularly if you have balances on multiple credit cards.
This way, you can be assured that you are not spending money on debts you didn’t owe.
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#2: Prioritize Your Debts#2: Prioritize Your Debts
If possible, pay off your full balance on this account to stop debt from further accumulating
Be sure to submit the minimum due payment on the credit cards that you can’t pay in full to avoid late fees.
#3: Consolidate Credit Card Debt#3: Consolidate Credit Card Debt
Another strategy is to transfer balances from your high rate credit cards to a card with a low rate
You may also apply for a credit card with zero balance transfer rate.
Make sure that you will have sufficient time to completely pay down all the balances you transferred.
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#4: Minimize Your Spending#4: Minimize Your Spending
You will be able to pay off your credit card debt more quickly if you can cut back on your monthly expenses.
Find ways to minimize your costs so you can focus on debt repayment.
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#5: Stop Incurring New Debts
Don’t use any of your credit cards for new purchases.
If you’re done paying off a balance on one card, see to it that you do not incur new charges to this account.
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#6: Don’t Cancel Old Credit Cards#6: Don’t Cancel Old Credit Cards
Some people may think that the best solution is to cancel a credit card with a high interest rate.
Instead of cancelling a credit card, use it occasionally for small purchases and pay off your full balance right away.
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Resources:Resources:
http://www.badcreditresources.com/articles/how-to-manage-holiday-credit-card-debt/
Tips On How To Control Holiday Credit Card Debt:
www.badcreditresources.com