Credit card reduction day is today. Indeed, most of us have too many credit cards. So, are you ready to reduce your debt?

Credit Card Reduction Day

First and foremost, this day started in 2016. No doubt, we all need to have a credit card. Whether it is to make a reservation or build your credit score; it is important to have credit cards.

When you use your credit card frequently, your balance goes up. And, if you’re not paying your bill in full; the finance charge goes up. Moreover, when you pay only the minimum charge each month; your payment and interest gets higher. In essence, you’re not reducing debt – you’re adding to it.

But, credit card companies want you to do this. The more someone spends on their card; the more the companies make. And, they are smart.

How many of us cannot live without a credit card? To read more on what you cannot live without; be sure to check out my I cannot live without post.

Credit Card Reduction Day Tips

In my opinion, the best way to reduce credit card debt is to try not to use your cards until they are paid off. Personally, I have used credit cards for business expenses, travel and meal purchases and personal purchases. But, if you use them for many things; your credit card bills can get out of control.

Of course, digging yourself out of a hole can take time. So, the following are a few of my credit card reduction tips.

  • Since I have a few credit card bills, I gave my Husband my credit cards to hide. By not using these cards, I have been able to reduce a lot of debt. By doing this, I was recently able to pay off one credit card.
  • Although I still have a few bills, I’m working on reducing my other debt.
  • Apply for a balance transfer credit card. When you’re lucky enough to find one at a zero percent interest rate and zero percent finance charge for new purchases; you’re able to reduce higher interest credit card debt.
  • If you have good credit, apply for a personal loan or home equity line of credit or loan. Not only does this enable you to pay off existing debt; but also helps improve your credit score.
  • Are you looking for a personal loan? Many lenders want your business. To learn more, click on the link below to see which companies have the best rates available. Visit Personal Loans Online to learn more.
  • Since this is tax season, if you’re lucky enough to receive a large refund; use this to pay down any higher interest rate credit cards. To read more, be sure to check out my Creative Tax Refund Ideas post.

Credit Card Reduction Conclusion

Finally, limit the purchases you make on a regular basis. The sooner you pay off your credit cards; the better you will feel.

As always, I welcome your comments on any ideas you have for credit card reduction tips to share.