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You’re in Control Of Your Credit!

While credit cards may seem like secure, convenient ways to make purchases, credit card debt can grow out of control before we realize it. The ease of credit card purchases, combined with the added cost of interest, can create a mound of debt much greater than what you can afford to pay back in a month. If your credit card debt has sneaked up on you, and you don’t feel like you’ll ever get a handle on it, take a deep breath. You can reduce your debt, restore your financial well-being, and improve credit score.

Regain control of your credit by taking these four steps:

Change Your Interest Rate: You may qualify for a better interest rate than what you are paying currently. Call your credit card provider and inquire about a more competitive interest rate. If you have a large sum of debt on a credit card with higher interest, you may be able to transfer your balance to a new card with a lower rate. Like many other things in life, it pays to shop around.

Make Payments Automatic: Schedule automatic, regular credit card payments out of your checking account to reduce the chance that you might forget a due date and incur penalty fees. Schedule your transfers for right after you receive your income to guarantee the largest amount of funds possible go toward your credit card repayments. And always be sure you have sufficient funds in your bank account to cover credit card bills.

Make Cuts in Your Budget: Assess what you spend monthly on necessary expenses as well as on discretionary purchases. Push yourself to identify places where you can spend your money more effectively. For example, you may realize you are overpaying for certain products or that you can cut out other periphery expenses all together. Evaluating your spending habits will give you more room to pay down your credit card debt and incurred interest.

Control What You Spend: As tempting as credit card spending may be, remember that it is up to you to decide when you spend and when you save. Push yourself to leave credit cards at home and delete saved card information to reduce the temptation make impulse purchases online.

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