Reduce credit card debt - Using Credit Cards Wisely
Be Smart When Using Your Credit Card and reduce credit card debt
Paying the so-called “minimum payment” is a trap: in some cases, just $1,000 of debt could take 12 years to pay off if you only pay the “minimum”
Move your Debt to a better credit card, look for low fees, interest rates and cash back opportunities, as well as the possibility of no transfer fees.
Beware of pre-approved: Don’t accept credit card offers that you cannot afford to pay simply because the issuer says you qualify.
Track your spending and always try to pay your full balance on time
Read notices sent by your credit card issuer,as the information may include updates on terms, conditions, and/or data privacy.
Get a Handle on Debt and Spending.
A recent survey found that nearly 1 in 4 college students leave school with more than $5,000 of credit card debt.Consider setting up a direct pay system for your current minimum payment.
Pay all your bills before spending.Pay high interest debt first. Consider consolidating credit card debt. To reduce your debt, stop using high interest credit cards
Ask your bank about special programs to pay down credit card debt.Consider consulting not-for-profit debt counselors for financial planning assistance.
Guard personal information, such as your Social Security number.Take precautions when using an ATM — be wary of “shoulder surfing”. Do not transmit sensitive information in a wireless, public hotspot. Put your home/cellular telephone number on the Do Not Call Registry at donotcall.gov or call 1-888-382-1222 from the phone you wish to register.
Get your FREE annual credit report from the three major credit bureaus at annualcreditreport.com to help you reduce credit card debt
Identity fraud totaled more than $45 Billion in 2008. Keep Your Identity To Yourself. A recent study found that 31% of identity theft victims in 2008 were under 30 years of age. Act quickly and file a police report Notify all banks, creditors, schools, insurance and phone carriers, and memberships organizations.Close compromised bank and credit card accounts; request new PINs and account numbers.Alert credit reporting agencies — Equifax, Experian, TransUnion — to place a Fraud Alert or a Security Freeze on your credit report and correct all discrepencies.
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