Credit Card Debt: How to Fight Bad Spending Behaviors

Credit card debt is one of the most common and prevalent type of debt problem there is. Plenty of studies have shown that consumers, especially women, demonstrate bad behaviors when it comes to their purchasing habits using credit cards. However, men are not spared from this problem too. Women tend to carry out balances in their credit card but men are also guilty of taking out cash advances from their credit cards. This is most true with single men and women! credit card debt When you see credit card debt piling up, it is important to act on it immediately. You would not want to see your debt problem rise up without doing something about it. If you are already in a state of despair as far as your debt arising from credit card use is concerned, your case is not hopeless. Below are some of the steps you can take to fight and stop your bad spending behavior and restore your credit card standing (and debt standing overall): • Stop using cash advances. Only a few people realize that cash advances carry a higher interest rate than other credit card transactions. Therefore, you should minimize taking out cash advances if you are trying to help credit card debt situation. • Avoid carrying credit card balances. According to research, 60% of female credit card holders carried a balance on their credit card arising up to 25-30% of their credit limit. Like the cash advance, this can also have damaging effects on your credit score. • Avoid late fees. Take note of your credit card bill and make sure you pay your dues on time. If not, you could be charged with steep late fees on your credit card account. Aside from costing you money upfront, this can also have severe impact on your credit standing and report. • If you have cash on-hand, stow away your credit card. Use the credit card only when you’re out of cash or for emergency situations. Other than that, it is wiser to pay for your purchase in cash. • Pay more than the minimum. This is another reason that could cause your debt to pile up. Pay higher than the indicated minimum payment for the month. The longer the debt sits in your account, the more it incurs interest rate! • Stop ignoring your bills. A lot of people simply set their bills aside when they receive it in the mail. But when you do that, you are ignoring the first step towards credit card debt relief. You are in denial! The best step to fixing your credit card problem is to face it head-on. You have to know what level of debt you are in to take the necessary steps to turn it around. • Stop using your credit card altogether! If possible, set your credit card aside while you are in the process of paying off your debts. Stop credit card debt on its track. Get the professional help you need with Or, take note of the tips listed above to curtail your bad spending habits and restore your financial freedom.
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