A little bit of credit card debt is actually a beneficial thing to have if you are trying to build a healthy financial life. The problem is that many of us have too much credit card debt, which is hindering our collective ability to manage our finances and solidify our futures. In the event that you are struggling under the weight of credit card debt, make a promise to yourself that this will be the year that you get out from under the yoke once and for all.
The great thing about credit card debt is that controlling it is entirely within your ability. Unlike the housing markets and the financial markets, everybody can take control of their own credit record.
If you are currently struggling with credit card debt, check out if you can qualify for a balance transfer card. The best of these offer a low or 0% introductory interest rate for least 12 months. You can use these 12 months to pay off your credit cards without accumulating any further interest on the balance. This is a great opportunity to take the time to organize your finances and lessen the overall debt burden that you carry.
Even in the event that you do not qualify for one of the balance transfer cards, don’t panic. Be sure to pay at least the minimum amount on time each month, every month. The best way to go about tackling credit card debt on multiple accounts is to go after the highest balance first. In this way, you lessen the amount of overall interest you will pay. When that card is cleared, choose the next costliest card. If you continue on this path, you’ll find that eventually you’ll hit zero on all of your credit card balances!