Credit cards can be difficult to handle some times. Before you know it your debt can have risen to a level where you start to find it difficult to pay off the balance owing. Before you know it you are really struggling and less and less money is being paid off the buy cloned credit cards online and more and more is being added to it. This article 10 Ways To Pay Off Your Credit Card Sooner explores ways to get your credit card back in control.
If you start to fall behind on your credit card repayments it can cost you hefty sums of money that would have been better off used to pay down your debt. How the card providers work is that if you don’t make your minimum monthly repayment by the due date, then most providers will charge a late payment fee. This is generally around $25-$35. This penalty charge can add to quite a sum of money over a year i.e. $300-$420, and as you can see this money would have been better paid off the debt instead. To avoid missing your repayment due date, set up a task in your calendar a day or so before the due date, so that you are reminded to make your payment.
If you only pay your minimum monthly repayment and carry debt forward from one month to the next, you are likely to find you are barely treading water with the debt and that you are getting charged a lot of interest from one month to the next. If you make a bigger repayment and remember it might only be a few dollars here or there, it will all add up in the long run and help to reduce your debt and save you some interest.
To get some extra money, see if you can cut back on some of your spending. Maybe one or two less lunches out a week, or a few less takeaway coffees, or hiring a DVD instead of going to a movie. Think about ways you can grab an extra $10, $20, $50 a week to pay off your credit card.
You don’t need to wait until the day your repayment is due to pay money into your credit card. You can pay money into it at any time. This can be done via internet banking, cash over the bank counter, phone banking etc. So as mentioned in point three above, if you can get an $10, $20, $50 a week that you can use to reduce your credit card debt, then ensure you pay it straight into your credit card.
Set up a system where you challenge yourself to get an extra sum of money into the card each week by cutting back your spending. You will be surprised how much that amount will add up to at the end of a month and how much quicker your debt will be paid off than if you just paid the minimum payment into the card on a monthly basis.
Doing cash advances on your credit can really cost you money. Not only are you getting charged interest from day one, you are often charged a fee for the privilege. Some credit card providers also separate purchases from cash advances and will charge a different interest rate on each and spread your repayment across each.
