Addressing Bad Credit Card Debt

Spending Habits

So you've just got your credit card. The first thing you need to be wary about is that a credit card is very easy to use - afterall you can shop in stores, via catalogs and online with your credit card. As it is so easy to buy things with it you can find that you actually spend more than you are able to afford. As well as this, many people find that spending with a credit card does not feel like you are spending money - there is no physical cash handed over. This can lead to serious debt problems.

Controlling Your Spending

As many of us already know, a credit card can very easily get out of control. To avoid mounting credit card debt there are a few measures that you can take to protect yourself and your dependents from the stress of credit card debt.

  • Limit yourself to a strict budget.

  • Always pay off your credit card on time.

  • Keep track of your credit card balance - many accounts are available online.

    • By following these simple but tried and trusted methods you will be much less likely to fall into credit card debt.

    What To Do If You Have Credit Card Debt

    If you have allowed your spending to get out of control and have accrued a credit card debt, then there are some simple steps that you can take to get out of the problem. Many people operate with multiple credit cards, once they reach their credit limit on one credit card they apply for another and repeat the process. The best thing to do is to consolidate all of your credit card debt onto one card. Apply for a 0% interest balance transfer card and transfer all of your credit card debt onto the card. The balance will not be charged any interest for a period of time, meaning you can start into paying it back.

  • Apply for a 0% interest balance transfer card.

  • Consolidate all your credit card debt onto one card.

  • Close all your other credit cards.

  • Stop spending - don't add to your problem!

  • Start paying back your debt.

    • What To Do If Your Credit Card Debt Damages Your Credit Score

    If you have a large credit card debt and have perhaps missed a couple of minimum monthly repayments, you may find that your credit score is depleted. In this situation you must address the problem immediately in order to protect your financial status.

    • Get a copy of your credit report and check it for errors.

    • Apply for a Secured Credit Card that will report to the credit bureaus.

    • Repay your debts.

    • Negotiate with your lenders.

    Andrew Boyd is a content writer for First-Stop-Credit.com where you can apply for secured credit cards and other products to help improve your financial status.

    More Resources

    Unable to open RSS Feed $XMLfilename with error HTTP ERROR: 404, exiting

    More Credit Information:

    Related Articles

    Beware of Falling Minimum Payments
    If you opened a credit card statement recently and were pleasantly surprised to find that your minimum payment due was lowered, don't be so quick to "jump for joy". What may appear as a small boost to your monthly budget is actually the rock that can weigh you down in debt for a lifetime.
    Common Credit Score Myths
    A lot of credit score myths about fico score ratings get spread around and some of them are just outdated information. Sometimes even lenders can give you the wrong advice and it can get confusing.
    Credit Card Balance Transfers Can Help You Stop Putting Money Down The Drain
    As you probably know, interest rates are at all time lowright now and if you aren't getting the bestdeal from your credit card company then they owe it to youto either lower your rate, or you owe it to yourself to find a better deal. You see, credit cardcompanies need your business in order to succeedand if you refuse to pay a penny more than you have tothen you'll be doing yourself and others a bigfavour indeed.
    Discover the Parts of a Credit Report and What They Mean
    So you ordered a copy of your credit report to check for inaccuracies and get the most from your credit score. Now how do you read it? Your credit report is read and used by any number of people you deal with on a daily basis, from your landlord to your employer to a potential lender.
    Tackling Bad Credit
    The first time I heard the term credit history was when I approached a lender for a secured loan. Being a first timer I was completely ignorant of the procedure and didn't even know that a credit record of our transactions is prepared by some credit reference agencies.
    Minimum Credit Card Payments to Rise
    For years, major credit card companies have allowed cardholders to make minimum payments of 2% of the outstanding balances on their credit cards. Having customers pay the minimum doesn't reduce the balance by very much, but when the 18-30% interest rates that many credit cards charge is applied, the result is a profitable ones for the banks that issue credit cards.
    Bank Robbery Growing In U.S.
    Bank robbery has grown to become a huge problem in the United States but I am not talking about people robbing banks. I am talking about banks robbing people.
    How to Order the Right Credit Reports to Repair Your Own Credit
    In this week's article, I am going to offer some tips and insight regarding how to order the right credit reports needed to repair your credit.Believe it or not, a majority of the credit reports offered on the internet don't have the required information (File Number, Confirmation number, or Report number) needed to repair your own credit.
    My Credit Card Application Was Rejected! Now What?!?
    No doubt, you've probably gotten literally hundreds of credit card applications in the mail and online, and each and every one of them has said that you've been "Pre-Approved".Of course it's natural that this would lead us to believe that the application process is simply a formality.
    Choosing A New Credit Card
    1. Choosing A new credit cardThere are many reasons for choosing a new credit card.
    Ethical Finance: Who Benefits From Our Spending?
    On one hand consumers are being universally criticised for running up significant amounts of debt on credit cards, yet conversely many companies are capitalising on the growing credit card debt, from charities and political organisations to football clubs, the Association of Surgeons and somewhat ironically ActionAid, an international development agency whose aim is to fight poverty worldwide.Financial comparison site moneynet.
    Harassment of People in Debt by Creditors
    HarassmentHarassment of people in debt by creditors or their agents is a criminal offence under the Administration of Justice Act 1970. It is often difficult to know what to do when you feel a creditor is not dealing with your account fairly.
    Credit Problems? Heres How to Manage Your Creditors
    If you find that creditors are calling you almost daily or that one of more of your bills has been turned over to a collection agency, you should know how to manage your debts.First, prioritize then or rank them in terms of the ones that can give you the most trouble the soonest.
    Different Types of Credit Cards and Features - Part 1
    Just as there are too many credit card companies to count, there seems to be just as many different credit cards, all claiming to offer you the best possible deal. Since no two people are alike, not all programs and incentives will work the same for everyone.
    Repair Your Credit - The Right Way!
    How to Repair a Bad Credit Rating?The Right Way!If you have a bad credit rating, then you might find that your ability to get financing, loans, and even some jobs is greatly diminished.Once you have a bad credit rating, it might seem like there's nothing that you can do about it? but you don't have to believe that.
    How to Deal with Hire Purchase Debt
    WHAT IS HIRE PURCHASE/CONDITIONAL SALE?Although people often talk about "buying on HP", Hire Purchase Agreements are quite unusual these days. Cars are the most usual goods sold under Hire Purchase or Conditional Sale Agreements.
    Getting Married? What Are The Finance and Credit Implications?
    There is a big difference between looking after your own finances while living alone, or with parents, and living with a partner. The transition can be very difficult, especially if both partners are strongly independent, or one partner is financially weak and the other strong.
    Establishing Credit - What You Need To Know Part 2
    In my previous article "Establishing Credit - What You Need To Know Part 1" I discussed the need for a good credit history and what lenders were looking for prior to loaning an individual money or additional funds based on their credit history. This article will go into the necessary steps someone needs to take in order to initially establish their credit history.
    Are 0% Credit Cards Reaching Their End?
    Are Credit Card companies starting to feel the pinch? We all know that the Credit Card companies make their money by charging us interest on the money we borrow. With all the 0% balance transfer offers that we have seen over the last few years its no wonder these companies are concerned they aren't making any money.
    How You Can Help Prevent Identity Theft
    How can I prevent Identity theft from happening to me? Never leave your receipt or slip in the ATM or gas pump. Pay attention to your habits, lock up or organize and file your bills, and bank statements.