Simple strategies to help pay down credit card debt

Credit cards can be used as a life line when you run into money troubles, helping you stay financially afloat. If this leads to you having high balances on your plastic though, the most important thing is to not panic. You aren't the only person who has ever found themselves in trouble with credit card debt, but you do need to start seeking out potential strategies to help get back in good standing, and we're here to help. The following are some strategies you can use to pay down your debt:

Attempt to reduce your interest rates - Before anything else, you may want to consider calling your credit card provider to see if there is any way they'll lower your interest rates, according to CreditCards.com. The reason for this is that high interest rates can make paying down your debt much harder. Even if you're only able to reduce your rates by one or two points, you could end up saving yourself hundreds of dollars in the long run. 

Pay more than the minimum - The minimum payment was created by credit card companies to provide you with a small amount to pay each month in order to remain current on your account. However, by only making the minimum payment, you greatly extend the amount of time it will take to pay down your debt. For this reason, Bank of America recommends paying a little more each month without overextending yourself. By completing this step, you could find yourself debt free in no time. 

Consider consolidation - It is easy to get overwhelmed when you have multiple debt payments to make each month, which is why you might want to consider consolidating you balances into one.

One move that could be considered is transferring balances from a high interest credit card to one that comes with an extended 0 percent APR introductory period. This step could allow you to pay down your debt without accruing any interest. A debt consolidation loan could also be an option, but you'll want to be sure it comes with a lower interest rate than those on your credit cards. 

Stash away your credit cards - One essential move you should make is putting away your credit cards while paying down your debt. The last thing you want to do when trying to rid yourself of debt is to charge more purchases to your plastic. If you don't think you can resist the temptation to use your credit cards, it may be best to remove them from your wallet altogether. 

There many situations that can lead to you being in trouble with credit card debt, such as an unexpected expense that you weren't prepared. Struggling with debt is nothing to be ashamed of, but you do need to set aside your pride and seek help if need be, as delaying only makes the situation worse.