Cutting Back on Credit Card Debt
Credit demand is still insatiable. Much of the western world now borrows increasingly on credit cards and this is set to continue.
But what if you wanted to wean yourself off easily available credit. What would you do?
Here are some ideas:
1. Take a breather before making that next purchase. Think about whether you really need a particular product and if so can I buy it cheaper elsewhere. This is all about controlling impulse buying.
2. Mark out targets for paying down your debt.
3. Reduce the number of credit cards you have. This might have benefits for your credit score as well as keeping your debt under control.
4. Set up direct debits each month to pay off debt and lower your spending limits. Save yourself the grief of overspending and not being able to afford it..
5. Sometimes consolidating all your debts in one place can save huge amounts of money enabling you pay down quicker. A popular way of doing this is by merging credit card debt with mortgage debt.
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