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  • Tips on How to Decrease Credit Card Debt (Part 2)

    Here are some more tips regarding what borrowers can do to decrease their credit card debt and, as a result, improve their credit rating and their overall financial standing.

    Here are some more tips regarding what borrowers can do to decrease their credit card debt and, as a result, improve their credit rating and their overall financial standing.

    As a follow up to Tips on How to Decrease Credit Card Debt (Part 1), here are some additional tips regarding what borrowers can do to decrease their credit card debt and, as a result, improve both their credit rating and their overall financial standing. Being diligent about following these tips can be vital to helping borrowers get back on their feet financially.

    • Pay more than the minimum monthly payments – Even if it’s only $20 more per month, be diligent about paying more than the minimum monthly payments on your credit cards. If you only pay the minimum payments, you will essentially only be paying on the interest you accumulate and will not be making a dent in the principal debt.
    • Focus on paying down the credit card with the highest interest rate first – If you have more than one credit card (as many people do), figure out what credit card has the highest interest rates associated with it and focus on paying off this credit card first. This will not only save you a substantial amount of money but it can also help you free up additional money in the future to use towards paying down (or paying off) your other credit cards.
    • Figure out ways to reduce your monthly expenses – If you have limited funds that you can use towards paying down your credit card debt, considering making some temporary lifestyle changes that may be able to free up additional money. For example, you may want to consider carpooling or taking public transportation to work to save on gas costs; alternately, you could choose to cancel your cable subscription until you have paid down your credit card debt.

    If you are struggling with debt and are looking for a financial fresh start, contact the trusted Colorado bankruptcy lawyers at The Law Office of Andrew McKenna. For more than 20 years, we have been successfully overseeing our Clients’ bankruptcy cases so they can resolve their financial issues as beneficially as possible. Our comprehensive legal knowledge coupled with our vast experience allows us to consistently and efficiently help our Clients achieve the best possible resolutions to their financial matters. For an evaluation of your case and expert advice regarding how to move forward, call us at (303) 730-8819.

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    North Metro Denver Office – 11154 Huron
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