Paying off credit card debt takes time and sacrifice

Think back to when you applied for your very first credit card.

Remember how determined you were to use it only for emergencies or to make a hotel or car rental reservation?

Now think about how much your credit cards have shaped the way you spend.

People tend to be impulsive when shopping, especially if they own a card that lets them shop until they drop.

One of the common mistakes consumers make is not paying their credit card bill(s) by the due date. 

This often leads to an increasing balance, which in turn increases the payment that is due.

Changing your attitude about debt, especially unhealthy debt, puts you on the track of handling your expenses wisely.

Vulnerable

Having more than one credit card may possibly put you in an uncompromising position.

Should you decide to apply for a second credit card, it would be wise to close the first account.

Having multiple credit cards in your name may make you vulnerable to becoming trapped in a nasty circle of trying to get yourself out of debt.

If you really need to have a credit card, keep the card limit low.  

Determine what you feel is a suitable and manageable limit for you. Having an appropriate limit will reduce the risk of accumulating debt and will help to control overspending.

Prioritize your expenses and only charge what you know you can afford to pay at the end of the billing period.

If your credit card company surprises you with a holiday “gift” of raising your credit card limit, politely decline and keep your card limit the same. 

As a general rule, pay the full amount of your statement on or before the due date. This will keep your credit history good. 

Be responsible in dealing with all your credit card issues.

It will not hurt if you familiarize yourself with how and when interest is charged on purchases and how it is reflected on your card statement. 

As a result, when you do have credit card debt, your focus will be more on paying off that debt and less on spending.

Many times, people with different sources of credit card debt will pay off the lowest balance first or they prioritize paying off the one they use the most. 

My advice is to pay off the one with the highest interest rate first. 

Make minimum payments on the remaining credit cards in order to keep up the monthly payments. 

Once you pay off the highest interest rate credit card, cut it up and close the account. Then tackle the next highest interest rate card in the same manner. The reason for your credit card debt is irrelevant — the reality is that you created it. 

Now it is time to pay it off. It will take discipline and sacrifice.

But even when money is tight and you cannot rework your budget any further, you will feel better knowing that you are taking steps to secure your financial future, not to put it at risk.