According to research by APACS, there are more credit cards in the UK than people! For the 60 million people in the UK, there were 73m credit and charge cards by the end of 2007. With these high numbers of plastic cards floating around, it is no wonder that many of us are looking to reduce our credit card debt.

Using a credit card is not always a bad thing, using it in the right way and in reason can offer you additional benefits. For example, a credit card can offer you more protection when purchasing an expensive item online.

But using your credit card unwisely could land you in a lot of credit card debt which you may find is becoming more unaffordable on a month by month basis. If this is you then our following tips to reduce your credit card debt could come in handy:

credit card debt

1: Pay off your credit card in full – This is the best way of reducing credit card debt, as one of the reasons why it may become unaffordable is the amount of interest which is added to your debt. By following this top tip you can reduce your credit card debt by avoiding interest payments, potential late charges and increased rates or fees.

2: Set up a direct debit – Missing payments to your credit card can land you in further credit card debt due to the late payment charges which are added and it can also end any introductory interest rates which you have with your credit card provider.

To reduce your credit card debt, ensure that you set up a direct debit to pay at least the minimum amount off your credit card. Once this has been set up there is nothing stopping you paying more or, if you are following the above tip, paying the credit card debt off in full and at least you don’t have to worry about missing the payment date.

3: Avoid the ATM – Cash withdrawals with your credit card are never advisable as the majority of credit cards attach a higher interest rate to these transactions. Also, because many credit card providers ensure that you pay the debt with the lowest interest first, your original transaction could be very costly indeed.

4: Don’t be afraid of credit card debt help – If your credit card debt is truly unaffordable then the above tips will not solve all of your credit card debt problems. Harrington Brooks are a debt solutions provider and we could be able to lower your monthly payments to your credit card debt.