First of all, you can take comfort in the fact that you are not the
only one fighting the credit card debt problem. There are hordes of
people who might have an even worse credit card debt problem
compared to you; all of them seeking to eliminate the credit card
debt problem. So what is the solution to credit card debt problem?

You are probably already aware that many different ways and methods
to reduce debt. Some ways are better than others, but keep in mind
that just because a method is simple does not mean that it is
ineffective. Presented below is a simple approach to finding
financial freedom by reducing your debt.

1. Assess the problem. Create a spreadsheet with fields labeled ”
Name of credit card, Balance Due, Annual Percentage Rate (APR),
Payment Due Date, Earned Reward Points, Reward Point Offers,
Comments.

2. Using the information for each of your credit cards - fill in
the table.

3. Figure out which credit card is contributing the most to the
credit card debt problem i.e. highest APR and highest balance.

4. Contact your credit card company and see if you can use reward
points to make payments on the principal balance due on the card.
If not, use the points to get cash at very least to get something
that you need so you don’t have to pay for it.

5. Examine the possibility of using balance transfers at low
interest rates to consolidate your credit card debt. You may be
able to consolidate your debt on a one credit card instead of
getting a consolidation loan.

6. Your primary effort should be of reducing the debt on the credit
card that adds the most to your debt problem. Pay the minimum on
all other cards.

7. Control your spending behavior. The last thing that you want to
do when trying to reduce debt is to keep adding to it by spending
excessively.

8. Look for alternative means of adding to your income (more money
means earlier termination of credit card debt problem)

9. Set monthly goals for paying your debt and take pride in
achieving those goals. As you watch your debt disappear over time,
you should look forward to celebrating your accomplishment when you
are finally debt free.

Remember this is just one of the ways of tackling credit card debt
problem; there are some great spreadsheet based programs that can
help you with this or you might even devise your own better
approach for doing away with credit card debt problem. Any and
every approach is good if it fulfills the objective to eliminate
the credit card debt problem.

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