Quite a number of credit cardholders these days are having a difficult time keeping up with their monthly repayments mainly because of our current economic condition.  The daily expenses are on the rise and so are the prices of major commodities, but the salaries of people belonging to the middle class are going down.

This greatly affects individuals who are used to having a luxurious life and have not really experienced financial problems.  It was easy for them to purchase plasma TVs, laptops, home theater, luxury cars, and many expensive things that were easy to obtain years before the economic recession began.  However, the economic downfall has not stopped them from using their credit cards as they have to maintain a certain degree of lifestyle, and what they didn’t realize is that they’re slowly being pulled down by their mountainous debts.

If you are in a scenario like this and you want to put an end to your debt problem, here are a few means to do it:

1.    Try availing of the balance transfer option. This is probably the easiest way to eliminate your credit card debts.   Look for a credit card provider that offers low interest rate credit card and transfer all your balances to it.  By doing this, you will only be monitoring one credit card bill monthly at a reduced amount.

2.    Settle 50/50 of your credit card debts. You may choose to settle 50% of your total monthly dues at the start of the month and the other 50% on the last week of the same month.  This will allow you to pay off your credit card debts much faster and you will also be able to reduce the interests.

3.    Stop swiping your credit cards. When you’re in the process of cleaning up your credit card debts, it is important that you don’t use your credit cards anymore, but if this is not possible, simply manage your spending properly and responsibly.  Purchase only what you need and ignore your wants.

4.    Allocate a bigger amount on your credit card with the smallest balance. By paying off first your credit cards with the smallest balance, you will be able to eliminate your credit cards one by one.  However, you should not also forget to pay the minimum amount for your other credit cards.  Once you’ve eradicated a credit card or credit cards from your monthly obligations, practice self-control and refrain from using it again.