Borrowers around the nation are up to their knees in debt. Whether this be credit card, medical, bills, or your mortgage it is very important that you try and keep your it under control. One thing many of us out there are guilty for is using our credit cards when it is not necessary. Before you know it, you have obtained three cards from various companies and have three separate bills to pay each month. This can quickly add up to a ton of cc debt, and if you did not manage your expenses wisely then you may have found yourself in a very tight spot. Below we will discuss four tips to help you reduce the amount of debt you have obtained.

1.Try to pay off any delinquent bills first. If you have been late on your payments or started to miss payments this is going to have a negative impact on your credit rating. It is wise that you try and pay off any delinquent bills first to keep from ruining your credit score further. But your score is not the only penalty that you will face, you will most likely see a significant raise in interest rates as well.

2. Find out the annual percentage rate(APR) on all of your current cards. Figure out which card has the highest APR and try to pay it off as soon as possible. To do this you should begin by starting to pay the minimum amount for all cards besides the one with the highest rate. You can use the extra money you save to go towards the highest APR credit card. This should definitely help to start reduce your total amount of debt.

3. Contact your bank and try to negotiate a lower interest rate. A lot of times this can be done with very little effort or follow up calls to your bank. Just give your customer service department a call and let them know that you are in need of a lower interest rate. Tell the representative that if they cannot provide you with the assistance you need then you may turn to another card for a lower interest rate. If your rate has raised because of late payments or they just happened to raise it out of nowhere, then negotiating a lower rate can be fairly simple. Also if you are already delinquent on your cc payments it will generally be much easier to accomplish.

4. Try to find ways that you can pay more on your monthly payments. Think of it this way, if you are only making your minimum payments each month then you are only contributing a majority towards interest, and not the overall principle balance. It will take quite a few years to pay off the cards if you continue to only make the minimum payment. Even if you start to pay just a little bit extra each month you will find that your payoff time will begin to shorten. Find ways to cut out any unnecessary events you have a habit of doing, like eating out all the time.

So before letting your situation get out of hand, follow these tips and begin your journey to becoming free of credit card debt.

Moe Bedard
My name is Maurice "Moe" Bedard. I am the founder of America's #1 Mortgage Forum, My online work has been featured in the New York Times, LA Times, Fox Business, and many other media publications.