You need to strongly consider consolidating your credit card debt and bills onto one low rate, or 0% interest, credit card. You can register at TreasureTrooper, Fusioncash, InboxDollars, or CashCrate and sign up for a low rate credit card using offers at those companies. When you sign up, you can often get rebates or incentives from the cards. For example, get a $20-$40 rebate from Discover Card for signing up for a low or zero interest rate Discover Card. These sites will also constantly have rebates for other cards and products.
Consolidating debt on a low interest rate credit card involves moving a credit card balance from one card to another credit card with a lower, or ideally zero percent interest rate. In order to save on your monthly interest expenses, some people constantly move their credit card debt to the next 0% interest rate card as a way to pay off that debt. So they will constantly use this balance transfer approach. While this can be a pain to do, you will definitely save a substantial amount of money as well as provide yourself more time to pay off the original credit card debt that you accumulated. Find the 10 best credit cards, rates, and deals as reviewed from multiple sources.
Managing interest rates is one of the main keys to paying off and dealing with credit card debt. If you have a high interest rate credit card, and if you also have a high balance on that card, you are paying a lot of your hard earned money to "borrow" that money from the credit card company. Also, the minimum payment that the credit card company calculates for you to pay is only based only on accrued interest, so if you only pay that minimum credit card payment every month you will never reduce the principal on your credit card debt. If you have a decent credit score, and also have some credit card debt on one of those higher interest rate cards, you should apply for one of the many 0% interest rate, or very low interest rate credit cards that are out there. Do be aware that many of these lower and 0% rates are introductory and will expire after a short period. So you may need to perform another balance transfer if you can’t eliminate your debt before the offer expires. However paying less money to maintain your credit card debt is a key step to managing and eliminating debt.
Also, if you can, you should strongly consider consolidating your credit card bills and debt. One way to do this is to move the balance from all of your accounts (such as store cards and personal loans) and your higher interest credit cards to one card with a zero percent, or lower interest rate. If you have about $200 of debt on each of your high interest rate credit cards, say at a rate between between 11% and 22%, and if you move those balances onto another card which carries a low 5% interest rate, the significant money you are saving (potentially hundreds of dollars) by paying less in interest payments to those high rate credit cards will allow you to reduce the principle on all of your other loans and debts, including your credit cards.
Of course, in order to make this strategy really work, you need to stop (cut up!) your high interest credit cards. You can’t continue to use them or you will find yourself in the same situation. Do not kid yourself into keeping them for an emergency situation. You need to get rid of the temptation so you will never dig yourself another hole.
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