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More than 52 million Americans live in an economically distressed state. If you feel like you are drowning in credit card debt, there are some things you can do to help you come up for air.

Instead of worrying about increasing interest rates and late payment fees, learning how to pay credit card debt back effectively can help you get back on track. Continue reading this article to get the help you need.

Stop Using Your Credit Cards Immediately

If you’re still using your credit cards, you’re not going to be able to pay them down. While it is fine to use the credit cards and pay that amount off before you’re charged interest, most people don’t have that kind of control.

Put your credit cards away and use cash or a debit card to keep from going over the money you have.

Cut Your Expenses

Are you spending money on anything you don’t need? Even putting an extra $100 toward your credit card payments each month can make a major difference in how much interest you pay each month.

Downgrade your cable plan or cut out your weekly Starbucks run and put that money toward your credit card payments.

Increase Your Payment Amount

Increasing your payment amount each month will decrease the amount of money you’re getting charged interest on. Since you get charged interest on your total balance, if you only pay the minimum payment, it can take a very long time before you get out of credit card debt.

Focus on the Card With the Highest Interest Rate

Paying down the credit card that has the highest interest rate will allow you to get in the best financial shape possible. Once the highest interest rate card is paid off, put more money on the next one and the next one until everything is paid off.

Attempt to Negotiate Your Interest Rate

In some cases, credit card companies are willing to negotiate your interest rate. It never hurts to ask, but you’ll need to get to a senior person on the credit card member services line. The first person that answers the phone isn’t likely to be able to help you.

Don’t Close Your Credit Cards

If you got a good credit card by going through a site like Credit Card Payments Now, you shouldn’t close these accounts. If you close these accounts, you’ll end up hurting your credit.

Creditors want to see how well you manage credit, and the longer your credit history is, the better. Keep the credit cards open as you’re paying them down and even after you’ve paid them down.

How to Pay Credit Cards Down – Now You Know

Now you know how to pay credit cards down, so you can stay ahead of payments and out of trouble. Staying ahead of credit card debt can help you from getting into major trouble like bankruptcy.

Do you want to learn more about paying down debt and other important topics? Keep reading our blog to get the information you need.

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About The Author

Innov8tiv is a dynamic Web source for technology news, resources and innovation, with a special focus on the entrepreneurial advances of Africans on the continent as well as in the Diaspora. This site seeks to not only inform consumers and companies about the latest in tech trends and ideologies, but to shed light on a phenomenon often ignored: the inventive, life-changing and creative engine that exists in Africa and among leaders of color around the world, including the UK, the Caribbean, Australia, and Asia. Send story ideas to [email protected]