117258 52 Business & Finance Personal Finance Credit Cards true Fri, 16 Jan 2009 14:32:36 -0800 /system/videos/1/58/72/11/117258.flv Do It Yourself, Tips, Essential Skills, business, money, spend, debt, credit card, reduce debt How To Reduce Your Credit Debt http://www.howcast.com/videos/117258-How-To-Reduce-Your-Credit-Debt http://www.howcast.com/videos/117258-How-To-Reduce-Your-Credit-Debt/edit approved 179 640 480 <object width="425" height="352" classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" id="howcastplayer"><param name="movie" value="http://www.howcast.com/flash/howcast_player.swf?file=117258"></param><param name="allowFullScreen" value="true"></param><param name="allowScriptAccess" value="always"></param><embed src="http://www.howcast.com/flash/howcast_player.swf?file=117258" type="application/x-shockwave-flash" width="425" height="352" allowFullScreen="true" allowScriptAccess="always" ></embed></object> 8 sergesmedia http://img.howcast.com/system/thumbnails/117258/deleteme_xxlarge_maintained_aspect.jpg 1909 false false false 55057 1 35 Step http://img.howcast.com/system/thumbnails/117258/35.jpg Cut all cards but one Cut up every credit card except one. Lock that one away for emergencies.

]]> 55058 2 41 Step http://img.howcast.com/system/thumbnails/117258/41.jpg Add up debt Add up your total amount of debt.

]]> 55059 3 47 Step http://img.howcast.com/system/thumbnails/117258/47.jpg Calculate assets Calculate your assets, including savings, investments, retirement savings, etc.

]]> 55060 4 54 Step http://img.howcast.com/system/thumbnails/117258/54.jpg Tally monthly income Tally the total amount of monthly income coming into the household.

]]> 55061 5 61 Step http://img.howcast.com/system/thumbnails/117258/61.jpg List each card's debt List each credit card, the amount you owe, and the interest being charged on a piece of paper.

]]> 55062 6 66 Step http://img.howcast.com/system/thumbnails/117258/66.jpg Lower interest rate Get in touch with your credit card companies and ask them for a lower interest rate. Tell them you will be forced to close your account once it is paid off if they can’t provide a better rate.

]]> 55063 7 77 Step http://img.howcast.com/system/thumbnails/117258/77.jpg Prioritize debts Prioritize your credit card debts, beginning with the smallest amounts, then moving on to cards with the highest interest rates.

]]> 55064 8 86 Step http://img.howcast.com/system/thumbnails/117258/86.jpg Transfer debt If some of the credit card companies will not lower your rates, transfer those balances to another card with a lower rate. These companies compete with each other for business, and are always seeking new customers with this enticement.

]]> 55065 9 101 Step http://img.howcast.com/system/thumbnails/117258/101.jpg Ask about loan If a balance transfer doesn’t help or isn’t possible, consult your bank about a debt consolidation loan. You’ll end up with one monthly payment, and you’ll pay less in the long run than you would with several card balances.

]]> 55066 10 115 Step http://img.howcast.com/system/thumbnails/117258/115.jpg Spend savings on debt Part with your savings. Most savings and money market accounts are currently paying less than 5%, while credit card interest can be as high as 35%! At that rate, it would take you almost 20 years to pay off a measly $500 balance, if you only paid the minimum due each month.

]]> 55067 11 132 Tip If you own a home, consider consolidating your credit card debt with your mortgage. This usually reduces your monthly payments, plus you have now made this debt tax-deductible.

]]> 55068 12 144 Step http://img.howcast.com/system/thumbnails/117258/144.jpg Examine monthly expenses Look at your monthly expenses and see where money can be saved. For instance, getting your internet access, phone, and satellite or cable TV from the same provider can reduce your bill by 30%.

]]> 55069 13 158 Step http://img.howcast.com/system/thumbnails/117258/158.jpg Track expenses Track every penny you spend for a month. You’ll quickly see how those fancy coffee drinks and forays into McDonald’s add up. Apply the savings to your credit card debt.

]]> 55070 14 169 Fact The average American has nine credit cards.

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