Several people don’t realize the consequences of an over-extravagant lifestyle until it shows up as a considerate debt burden on them. The ease of use and convenience of plastic money along with several alluring offers has just spurred on the popularity of the credit cards to be used as a primary method of payment.

If you are one of the several people who couldn’t make any purchase without a credit card, think again, you are accumulating a lot of debt on your card, and think how long it will take you to pay it off.

Mentioned below are a few things that should be kept in mind before you go all out with that credit card and end up with a sizeable sum of debts that take years to repay.

Avoid Getting into Debt: The best way to avoid debt is to live within one’s means. It is not at all bad to own a credit card as long as one chooses to spend cautiously and with discretion. One must have sufficient savings to repay the outstanding amount in a timely manner.

Planned Credit Card Debt Closure: For people owning several cards, on each card, the outstanding balance must be calculated. Each of these accounts then needs to be settled in a proper manner. Make an attempt to repay the smallest accounts first. Then move on to the larger ones. Or you might close the highest interest account first depending on your debt situation. For the purpose of diminishing your credit card debt, apart from changing your habits and lifestyle to a more modest one, you would need to pay off more than the minimum due on each account every month. Simultaneously, you ought to also take care of all other monthly expenses. Hence, a list has to be prepared for all the monthly expenses.

Balance Transfer: You can make an attempt and transfer some of the debt onto the other card if that card carries a lower rate of interest. Or you can combine your credit card debt by transferring your multiple credit card balances onto a single card. The zero APR and other such offers might provide you with some relief, but make sure to read the fine print carefully before opting for them.

Home Equity Loan: Another option could be a home equity loan for paying off credit card debt. Even though you would be putting your home at stake, the rate of interest on home equity loan could be much lower as compared to your credit card ROI.

Get Professional Help: All said and done, if your credit score is hit badly and you are contemplating bankruptcy filing, it may be worth the effort to conduct a deep research on the internet and gather the relevant information to tackle your issues. But, here too, you may be in the acquisition of exercising some caution. It is better to put your faith towards a trusted source of information to bargain your credit card debt bill. Try to raise your level of expertise so that to increase your chances to persuade your card provider for accepting a lower partial debt payment. Another way is to consider the experiences of other debtors who have faced similar issues. Never go for an information source that makes loud claims such as guaranteeing you a debt-free life, assured bankruptcy, and settled lawsuits, to name a few.

Be Careful in Future: One must add a small proportion of one’s income into savings, so as to meet unforeseen contingencies. Once you have paid off the credit card debt, you can continue to deposit the amount equal to your credit card payment into your savings and make it a principle to have at least 6 months’ living expenses at one’s disposal.

Losing a Job Promotion: This just affects those who are up for a promotion to a position, where they have to make financial decisions, including handling money, credit checks, etc. In case such a job promotion is due, then you must assure to settle any outstanding debt that could keep you from grabbing the opportunity of getting promoted.

Filing for Bankruptcy: If you are really stuck in debt from head to toe, then your best option might be bankruptcy, as it will immediately stop wage garnishment for a credit card debt. But, do keep in mind that it can make life upside down, which is why it needed to be taken seriously before going for it.

Debt Collectors: Some of the major credit card companies follow the approach of selling a delinquent credit card debt to a debt collector. These collectors buy the debt for a fraction of what a debtor actually owes and then make an attempt to assert the debt by getting you to make voluntary disbursements over the internet, phone, or mail. Just like a credit card company, the debt collector can also approach the court.

With proper information and knowledge, it can be easier to get rid of your debt than you think.