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How can you reduce credit card debt?

There are many ways to reduce your credit card debt. You may have so much that you're struggling to pay the minimum payment each month, or maybe you have only one card that seems like it just never gets paid off. Using a few of these tips can help.

Consider a lower interest rate card

You can transfer the balance of your credit card onto a card with a lower rate. When you do this, you lower your required monthly payment. If you continue to pay what you did at a higher rate, you'll see the amount you owe overall decrease faster than if you continued to use the card with a higher rate.

Create a tight budget

Do you eat out twice a week, get an extra coffee on the go or have cable you don't use? Develop a budget so you see where your money goes. If there are areas where you can cut back, save that money and put the savings into your next credit card payment. You may make a larger dent in your debt than you thought possible.

Know what you owe

Not knowing what you owe is a problem. It's important to know exactly how much you have in debt, the interest rates you pay and the amount you have to pay each month. You might find out you owe more than you thought, which means you need to reevaluate your budget and spending.

Consider bankruptcy or credit counseling

Bankruptcy can help give you a fresh start, and credit counseling and negotiations can help lower interest rates, payments and change other factors that make it hard for you to pay off your debt. Your attorney can help you look into alternative options, so you can get in control of your finances.

Source: CreditCards.com, "8 steps to reducing credit card debt," Erin Peterson, accessed March 31, 2017

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