Finally eliminating credit card debt is the main concern for many people since the start of the global financial crisis in 2007. The ‘debt is good’ culture of the late nineties and early noughties is gone, replaced by a more sensible approach looking for ways to pay off credit card debt.

This article gives some simple, yet powerful advice on reducing your credit card debt step-by-step.

1. Stop using your credit card.
   It sounds illogical, but despite saying they want to reduce their credit card debt, there are plenty of people out there who accumulate more debt every day. If you stop using it now, you know the exact credit card debt to pay off anytime from now on~Promise to stop using your credit card right now – this will also help you to calculate exactly how much you’ll have to pay off}.
2. Re-direct part of your income.
   Pay off a certain amount of your credit card debt straight from your salary or casual wage – simply bypass your normal bank account. If you want to avoid temptation, re-direct a part of your wage straight from your bank account to the credit card. In many cases, you won’t even notice that you’ve got less to spend.
3. Pay your smallest debt first.
   I don’t agree with the common approach to combine all the little credit card debts into one big debt. It can be immensly frustrating and daunting to face one big mass of debt. You want to manufacture success moments while you pay off your credit card to stay motivate. For instance you could pay off your smallest debt first.
4. Negotiate with banks.
   It’s a little known secret, but the fact is that some banks may be open to negotiating on the amount of money you owe them. Some lenders who are seeking better cashflow might be willing to negotiate. If you’re lucky they’ll except a smaller payment than the total outstanding amount. In return you’ll have to fork out the agreed amount straight away.
5. Aks a debt lawyer for help.
   If you’ve slashed your expenses to the bone and you’re still not getting by, the last resport would be to get in touch with a professional debt expert. Our free Webinar series with legally recognised debt experts can be a great start to find out what’s possible.

There are many other considerations to be made when starting to reduce your credit card debt, but these 5 tips are a great start.

There are many other aspects to consider when finding ways to to eliminate credit card debt, so make sure you’re well informed when tackling your credit card debt crisis.

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