5 Essential Tips for Paying Down Credit Card Debt

October 10, 2015

Credit card debt is one of the most common types of debt people carry. And the average person with this type of debt is carrying between $10,000 and $15,000 on their credit cards from month to month.

If you are among those who are struggling with credit card debt and you are ready to make some changes to reduce this debt, below are some of the things you can start doing to turn your financial situation around.

How to Reduce Your Credit Card Debt

  1. When you are ready to get rid of credit card debt, here’s what you can do, a Colorado Springs bankruptcy lawyer explains.

    When you are ready to get rid of credit card debt, here’s what you can do, a Colorado Springs bankruptcy lawyer explains.

    Start budgeting better – One of the first things to do when it’s time to overcome significant debt is to develop a budget. This can give you a clear picture of how much you spend, where you spend your money and where you may be able to cut back on spending.

    With the right budget in place, you can make a plan for putting the most available income possible towards paying down your debt.

  2. Prioritize your credit card (and other) debts – If you have more than a few credit cards, prioritizing these debts according to which is costing you the most can be the next important step in reigning in your debt and improving your finances.To do this, figure out which cards you owe the most on and what the interest rates are for each of these cards. Then, focus on paying the most towards the cards with the highest interests rates first. Eliminating these more expensive debts ASAP can help you save money so you have more to put towards your other debts later.
  3. Pay more than the minimum payment on at least one credit card – This is an absolute must if you are serious about eliminating credit card debt. In fact, if you don’t pay more than the minimum monthly payment for your credit card debt, you will never be chipping away at the principal debt. You’ll only ever be paying the interest, meaning that you are just treading water with your credit cards.
  4. Don’t miss any payments – Missing even just one payment on a credit card can cause your interest rates to go up, costing you more money to pay off that debt. So figure out a system for keeping track of all of your credit card debts so that you never miss a payment and end up costing yourself more money.
  5. Know when professional help may be needed – For some people, following the above tips will simply not be enough to reduce or eliminate credit card debt. When, for instance, people may be struggling with other massive debts (such as medical bill debt) or they have no income to rely on (due to persisting unemployment), seeking professional help – and considering filing for bankruptcy – may be the best option for getting out from under debt and obtaining a financial fresh start.

Contact a Colorado Springs Bankruptcy Lawyer at the Law Office of Jon B. Clarke, P.C.

Are you ready to find out more about your best options for debt relief? If so, it’s time to contact a trusted Colorado Springs bankruptcy lawyer at the Law Office of Jon B. Clarke, P.C.

To find out more about how we can help you, contact us today by calling (303) 779-0600 or by emailing us using the contact form on this page. We also encourage you to complete our Business or Consumer Debtor Analysis Form so that we can provide you with professional advice that is as specific and helpful as possible.

From our offices based in Denver and Greenwood Village, we provide people throughout Colorado with the highest quality debt relief legal services.

Categories: Bankruptcy, Debt