Tip with helping with Credit Card
By kathy77
@kathy77 (7485)
Australia
January 18, 2007 1:04pm CST
"I had reached the limit on my credit card and every month I paid the minimum plus a little bit, but somehow, by the next month, I had reached the limit once again. I began to think I would never be able to get the rotten thing paid off until I came up with this strategy.
"Every month I started going to the bank and making the minimum repayment plus $100. While I was there I filled out a form to apply for a reduction in my credit limit and reduced my limit by $100. There was no way I could re-spend the $100 because it was no longer available.
"So each month my limit went down by $100 till it eventually got to $400 - a nice safe trouble-free level. Then I continued to pay it off until it was gone. I recall having a small celebration at that time!
"If you have been having trouble with your credit card debt I hope you can use this strategy to take control of it."
2 people like this
6 responses
@silverglint (2000)
• Philippines
22 Oct 10
congratulations on being able to pay off your card
I am currently in that situation and like you, I am having a hard time paying off my cards. I don't know if it is possible to reduce the credit limit again and again here in our country, but what I just did is to physically cut my cards, so that I will not be able to use them even if I wanted to hehehe
I am really determined to win this fight against credit card debt and I really hope that I will be able to win soon.
I am currently in that situation and like you, I am having a hard time paying off my cards. I don't know if it is possible to reduce the credit limit again and again here in our country, but what I just did is to physically cut my cards, so that I will not be able to use them even if I wanted to hehehe I am really determined to win this fight against credit card debt and I really hope that I will be able to win soon. 
@milott (2646)
• India
20 Jan 07
Yes, this has been a proven and tested method to get off the credit card debt sooner, if you have lots of amount pending to be paid off. Instead of paying only the minimum amount due, we should pay a bit more higher than that amount, as you did. If possible we should try to pay the amount fully to avoid further debt trap and do you know that the interest that the credit card companies charge are the highest among any other options. They charge around 40% per annum, which is staggering to know and the best way to avoid is to limit your credit card usage and if used you should pay it fully if possible to avoid interests.
@gabs8513 (48686)
• United Kingdom
18 Jan 07
Well I am glad that I do not have them anymore as the ex certainly had a high Life while we had them on the Social Life I had to get money of there to feed us as he always wanted money to go out so of course you can guess the rest well that was one Debt he was not able to put on me as it was on his Name only not like the others which where on both our Names
@BittyBiddy (2903)
• Ireland
18 Jan 07
I'll add another tip onto yours. Transfer the balance from your present card onto a 0% credit card. Most companies will offer 0% interest for six months if you transfer the balance over. Cancel the first credit card and then you'll have six months interest free to pay off some of that balance.
@lifeiseasy (2292)
• United States
18 Jan 07
Very good information, so many younger people get credit cards and really rack them up ,then they have no idea what to do. Best thing is to only use them once a month then pay that off ,builds their credit and they don't end up with too much debt.
