How can we as individuals manage our credit card debt, rather than be managed by them:
- If just starting out, or if and as able, pay balance due monthly prior to the due date. The 1st mistake we make in regards to credit card debt is to think of it as cash. It is not cash. The higher the rate charged, the less it resembles cash.
- If you carry balances, and have multiple cards, pay down highest rate cards 1st. Notice on the 1st page of your statement how many years it takes to payoff credit card debt if you make the minimum payment. Notice how little additional payment is required to speed repayment.
- If you have built up credit card debt for some time, if you are struggling to retire debt, take the time to visit with a local non-profit credit counseling entity. Make sure you check prospects out on the internet through the Better Business Bureau. Legitimate sources of help can help you learn to better address your debt, and may be able to assist you through their debt management plan.
- If life has taken a challenging turn that you are struggling to recover from, credit counseling agencies can help you understand and examine whether or not you are a good candidate for bankruptcy. Do not enter into such steps lightly, but do not fail to consider this option if deemed appropriate by non-profit counseling firm.