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5 Credit Card Reduction Hacks

By March 21, 2020July 13th, 2020Financial Tips
Visa and Mastercard cards

If you have a heaping amount of credit card debt, you know you need to get rid of it eventually. It weighs you down and you feel guilty spending money on things that you need. If you dug yourself in this hole, by God, you can dig yourself out! Here are some obvious and not so obvious tips on how to do just that.


1. Have the right mentality.

Knocking down the fortress of debt you have is a tough endeavor for sure, but having a good mentality about the situation is the first step. Don’t panic, just relax. Don’t compare yourself to social media stars or celebrities with expensive taste. Be confident and hopeful about your situation. Giving up is defeat. Believe in yourself and your plan to get out of this mess!


2. Look at your budget.

Sit down for an hour and determine what you spend each month, and create a 50/30/20 plan. Once you do that, use as much as you can of the 20% for savings and debt repayment for your credit card bills. Chip away at that fortress of debt.


3. Use your “surprise money” for good.

Made money on something you didn’t expect from gambling, got a refund for something, etc.? Use that money for good – put it towards your credit cards.

Can’t forget about your tax return either! Don’t buy dumb stuff you don’t need like most people do. Put that tax money towards your cards too.


4. Sell stuff you don’t use.

You know that tennis racket sitting in your closet that you bought for that one time a year ago? Sell that thing. Hop onto eBay, create an account, and sell off anything of value that you haven’t used in a year, unless it can increase in value. Spring cleaning!

Make sure you price yourself to sell, though. Do your research on similar items’ prices on eBay before creating your listings.


5. Spend less on non-essentials!

  • Remember that 50/30/20 budget you created? Cut down on that 30% wants portion as much as possible.
  • Be mindful of what you need and don’t need – create a wants vs needs shopping list. If it isn’t essential to your daily life or is considered a luxury, put it in the wants category and don’t buy it until you get this fortress of debt knocked down.
  • Alternative costs – Try to find a less expensive version of what you want. If you absolutely want to buy something in that wants category, make sure to do your research to find the best deal.


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