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Tips for Escondido residents dealing with credit card debt

Many Escondido residents have one goal in mind when they think about their financial situation: get out of debt. But, oftentimes, that may be easier said than done. With that in mind, a recent article noted a few different strategies on how to get out of debt, specifically credit card debt.

The first couple of tips focused on the actual use of credit cards, and they are quite simple: stop carrying credit cards and only use cash to make purchases. The principle behind these tips is also simple: if a person does not have any credit cards on them when they are shopping, they will only make purchases that can be covered by the cash they have. As such, the problem of adding to a credit debt problem is addressed.

The next few tips address the debt that is already in place. First, many of our readers may not know that interest rates on credit cards can be negotiable. It never hurts to ask a credit card company - since the cardholder is the customer - to lower the rate on the card. Next, consider balance transfers. Many credit card companies offer zero percent balance transfer options, which can help to limit the accumulation of debt through interest charges.

Lastly, the article covered a few commonsense suggestions. The first is to pay more than the minimum amount a credit card statement says must be made. Obviously, paying more will help pay the balance off faster, but will also lower the amount of interest charges that are added each month. And then there is the issue of the use of incoming funds. If a person is focused on paying off debt, as much money as possible should be diverted to paying those credit card bills.

Source: Consumerist, "How To Not Suck... At Getting Out Of Debt," Karin Price Mueller, Oct. 15, 2013

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