Watch Your Credit Card Usage And Save Your MoneyPosted by Nick Niesen on October 29th, 2010 Large credit card debt results in heavy and continual losses until the debt is paid off, primarily because the interest rates on credit card debt are much higher than normal loans. An individual ends up losing considerably more money paying interest costs than they have actually been spent using the credit card, not to mention the repercussions on credit rating when one fails to make timely payments. These seeming debt traps can actually be used to your advantage if you use a little wisdom and the following tips: Another useful and effective utility to reduce your credit card burden is debt consolidation. Debt consolidation loans carry far lower rates of interest than credit cards. You can make a debt consolidation loan at a much lower interest rate and do away with all the credit card debt, still, make sure your debt consolidation loan repayments are on time so that you credit rating is not impaired further. One of the best ways of reducing credit card debt is to exercise credit card spending, self restraint. Though this is easier said than done, it is a possible alternative. However, the very best way out of credit card debt is to slice up your cards, then there is no way to incur credit card spending debt and your high credit card interest rate worries will be over for once and for all. Like it? Share it!More by this author |