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debt Steps to Eliminate Credit Card Debt

Credit card debt is the number one financial problem for most South Africans today. While the banks do all they can to encourage you to increase your borrowing by setting low minimum monthly payments and sending you countless offers for new cards you must counter their efforts and start to reduce your debt burden.
However, with a little dedication and enough patience it is possible to eliminate credit card debt.

Make It A Real Resolution

Put it everywhere, in writing. The idea is to reinforce this thing, once you see it everywhere, your natural faculties will automatically work towards achieving it. It is important that every member of the family who is involve in this process to work together as a team to reduce credit card debt.

Make The Effort

In reality this would not take very long, but the effort you put in now will amount to huge savings in the future. On a sheet of paper if you wish, write down all your creditors and the amount you owe each of them, interest rates as well as your monthly repayments.

Do The Calculations

Now it is time to calculate just how much you actually spend each month paying on each of your debts. Also determine exactly how much you’re paying in interest fees, admin, transaction fees etc.

Make A Priority List Of Action

Take all your credit cards and check the interest rate charged on each. Make a list with the highest rate card at the top. One method is to pay as much as you can manage each month on the top card while paying the minimum monthly payment on the rest. Once the top card has been paid in full, repeat the procedure with the next card on your list. This is recognized as the quickest way to clear your debts.

Consider Your Next Move

If you have any savings, consider using some of these to reduce your card debts. Your savings may be earning you 5% or 6% but your credit cards will be charging you 18-20% so it is easy to see which is better value. For the same reason it makes no sense to try and save while you are paying off your credit cards.

Look out for ways to reduce the interest you are paying. It may be possible to transfer the balance from a high rate card to one that charges a lower interest rate. If you tell the card company that you are thinking of a balance transfer, they may agree to reduce the rate so that they can keep you as a customer.

If possible, consider refinancing your mortgage and including some of your smaller debts into your new monthly payment. Some people also may find it beneficial to cash out some of their home’s equity in order to pay off credit card debt
Use the extra cash you have each month and invest it into your mortgage. This will take years of your mortgage.


Getting out of credit card debt is not easy but if you make a plan and stick to it, you will see results. Your progress will be slow at first, but when you see your first card repaid, you will realize that the strategy is working and that with perseverance you will succeed.

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