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by Zulika van Heerden

Credit cards have gone beyond being just a common mode of payment and made it as the norm in paying for most daily expenses. You probably use it at the supermarket, liquor store, bookstore, petrol station and just about every other establishment that sells life’s necessities.

But when it comes to debt these kinds of cards they are also one of the major culprits in the growing debt crisis. These cards have engendered the idea of spending sprees in consumers, which those same consumers must pay for later on.

If you’ve already fallen into the cycle of indebtedness, one of the best and most concrete things you can do to get yourself out of your self-dug pit is to reduce your card debt.

Cut Down on Cards

While cutting up or closing down your credit cards is a good idea, it’s not recommended to shred all of your cards. Even if they’re practically pretty debt traps, you’ve got to admit that credit cards are very useful and convenient in a pinch. Keep one or two where you’ve still got a bit of good standing and then shred, close down or transfer the rest.

Another good way to cut down on your cards is to look for just one or two cards that offer good terms such as 0% interest for a certain period or reduced interest and fees. They’re a bit difficult to find but a call to your credit company or a little comparison shopping on the internet would be a big help. See what you can do about getting your account transferred to those cards from your existing ones.

One of the biggest problems with credit cards is the fact that they charge sky-high interest rates once you begin missing your payments. With rates as high as 35% in some cases, it doesn’t take long for your debts to accumulate. Looking for a new card with better terms or lower interest should help in softening that blow.

Grab Some Greens

Many financial and debt experts say that overspending on cards is also partly a psychological problem. Credit cards don’t tell you that you’ve exceeded your budget, while at the same time continuously providing instant gratification and satisfaction. The satisfaction only stops when the bills come in the mail at the end of the month.

Stash away your cards and start using some of actual cash. It’ll help you stick to a budget because it provides you with visual cues (i.e. there’s fewer and fewer of it) to tell you that you’re running out of money. Plus, you really can’t spend any more once you’ve exceeded your budget. Maintain the plastic for emergencies but keep them well out of sight when you open your wallet.

Credit cards aren’t necessarily bad by themselves, and they can actually be good for your credit rating if they’re used responsibly and paid for promptly. Cutting down on your card debts – especially when you’ve got a big one to begin with – might take some time. Give it some responsible spending and a lot of discipline, though, and you’ll notice yourself gradually going into the black

For more on debt consolidation see below :

-Credit Card Debt Secrets
-Steps to Eliminte Credit Card Debt
-Debt Free Living
-Lowering Your Debt For Life
-Are your debts keeping you awake at night?

To apply for a debt consolidation loan you will have to fill out a short application form. You will then receive a FREE quote from well established, nationally recognized lenders. You do not need to decide now whether the debt consolidation loan is for you.

Just apply and compare the repayments to your current situation. There is no obligation on your part. If you decide that it is not for you, you simply do not have to accept the offer. You have nothing to lose and everything to gain.

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