9 Year Mortgage realizes that credit card debt can be a heavy burden on even the strongest shoulders. It piles up day after day almost imperceptibly!  After a few years you find it hard to make anything more than the minimum payment.  All the while you hate seeing that the interest is racking up, leaving you feeling financially depleted—like there is nothing you can do to get back on top again. You are not alone in this deepening despair though, because the average American family has around $8,500 in credit card debt alone.  Why so much debt you might ask?  Well, initially that was not how much they owed, but before you know it the debts rack up and interest accumulates on it.  Make the decision now to take action by proactively working towards reducing your credit card debt as well as other debt.  Below are a few suggestions that might help you.

9 Year Mortgage Suggestions

How much do I owe?

• Take some time out of your day to sit down and figure out how much you really owe. Start by writing down how many credit cards you have and how much you owe on each one. Don’t forget to include the interest rate the card has on it.  The cards that carry the highest interest rates are the ones that are causing your debt to accumulate, so attack those debts first!

Lower your interest rate

• Want to see your interest rate magically change to a lower number?  Of course you do!  So go grab your credit cards and call the toll-free number on the back of each of them.  Ask the customer service rep it there is anything you can do to lower your current rate. Studies say that more than half the time, you’ll have success in doing this.

Check your credit score

• 9 Year Mortgage believes that your credit score is one of the most vital assets to you in the financial world.  Guard this number and protect it, because it tells others a lot about you. It reflects how reliable you are when it comes to paying back your debts.  The highest credit score you can have is 850, while the lowest you can have is 300.  Consider yourself to have a good credit score if it is over 660, but if your score is over 720, you have it made!

Improve your credit score

• Pay on time – Make sure to pay your bill on time, every time.  One missed or late payment can drastically knock down your credit score.
• Pay maximum balances first – It’s good to know that on any kind of credit card, you’ll get points deducted from your score if you charge more than 50 percent of your credit cards limit.
• Don’t cancel cards – If you think that closing an account will help you, think again.  Closing your credit card account can hurt you.  Instead, pay off the card and then stuff it away in a drawer.
• Read more – to learn more about improving your credit score, check our How to Improve Your Credit Score from an earlier 9 Year Mortgage post.
  

Track your spending

• For the next month, 9 Year Mortgage suggests that you try to challenge yourself by keeping an exact record of where all your money goes.  To do this, start by saving all your receipts, even the ones for small items.  Then calculate how much you have spent and what you have spent it on.  Categorize your expenses over the 30 day time period to show you where you spend your money.  Doing this will help you discover your weak points and where you can cut back.  You’ll be shocked at the amount of money you spend on things when you see your total cost per month.  Who knew you spent $140 a month just for lunches? Make a goal to save “X” amount of dollars each month of your discretionary income to help pay off your debts!

Pay bills immediately

• Instead of waiting until the end of the month to pay your bills, 9 Year Mortgage suggests you try paying them once you get them.  Why do this you may ask?  Well, by paying your bills off immediately, you can see exactly how much you are spending.  If you see your money dwindling out of the bank account throughout the month, you are more likely to watch what you spend.  For example, if your electric bill is higher than usual this month, you decide to spend less elsewhere to help compensate for your electric bill.

9 Year Mortgage hopes that the tips provided above will be able to help you to decrease your accumulation of debts in an effort to pay them off sooner in the future.  These are just a few ways that can help you in your quest to be debt free.  For another 9 Year Mortgage article about money saving tips, click here to read Frugality 101.

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