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Lower Credit Card Debt (And Keep it Down)
By Kari Johnson on April 4, 2011

2039_1337-(1).jpgThe most common form of debt for Americans is credit card debt, and the amount of money you owe is increasing every moment through interest rates and even just spending more money than you can afford to, but there are ways to counteract these causes and lower your credit card debt. 

For one thing, lowering your credit card debt depends on not incurring more debt.  Live within your means and keep from charging more costs to your credit card.  Prevent owing more interest by paying your debts off as soon as possible.  Rather than paying only minimum payments, try to pay a little extra each month (where you can afford it without causing more financial stress).

One way to lower your credit card debt is to consolidate it.  While this does not lower how much you currently owe, it does lower how much you will owe if you do it right.  The most important thing to remember is that the interest rates need to be lower than those you are already paying.  A zero percent interest rate might be a good idea, but when you see this, you need to consider that it may be an introductory rate and, once that introductory period has come to an end, the rates might become even higher.  This option is best used when you only need a short reprieve from piling interest.

You can also negotiate a settlement, whether on your own or through the assistance of an agency experienced in the matter.  If you choose an agency, your best choice is probably a nonprofit organization, and you will need to be sure to get references and be sure of their credentials before hiring them.  Or you can do it yourself.  You may be able to reduce your debt to an amount that is much easier to manage, and then you can choose whether to pay off the debt in one lump sum (if you can afford it) or negotiate a payment plan that you can handle more readily than the one you are using now.

When using a payment plan, fit each payment into your budget.  Pay as much as you can afford to, but be sure to leave yourself a little room for incidentals.  Not having that is the main reason budgets fail.

The best way to lower credit card debt is to avoid creating more.  Pay attention to how much money you are spending, but also to interest rates.  When you have your spending under control, carefully consider which option for reducing your current debt will work for your situation.
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