Reduce Your Credit Card Debt and Get the Most Out of Interest Free Balance Transfers.
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How to Get the Best Credit Card Deal and Eliminate Credit Card Debt - Free

Here are some ideas to help you reduce your credit card debt and get the most out of interest free balance transfers, etc..

If you can afford to, make sure you pay off all or as much as you can from your credit card balance at the end of each month. If you do you'll avoid wasting hundreds and even thousands in interest payments each year and you won't get a credit card debt reduction.

Cut up all of your credit cards bar one. Then make that card difficult to use, so you will be put off the idea of buying on credit. You could put the card in the attic, then you would need to climb a ladder to get to it, stopping you from making a spur of the moment purchase.

Make payments to your account in time, otherwise you will be penalized with increased interest or penalty charges.

Make sure you check around for the best credit card rate. Seeing as the annual percentage rate (APR) often changes after an initial period it is a good idea to change credit cards frequently.

Try to avoid using the credit card as much as possible. If you don't normally pay off the CC bill every month, remember that the purchase is costing you more because you're putting it on your card.

If you have a lot of debt on your credit card and the interest rate is causing you problems you can always switch the debt to a 0 percent balance transfer credit card. This will give you 6 to 9 months of interest free time to repay the loan. What you must not do is spend on this card as the 0% balance transfer only applies to the transfer and not new spending. As the bank credit card makes all it's money from your spending on the card you can assume that this part of the deal won't be very good. There are more than 60 UK credit card that offer zero percent balance transfers, so the opportunity is there to keep jumping from one to another (as long as you keep accurate records of when the 0% offer is up).

Save up for things you really want instead of reaching for the card. This way not only will you save money, you will also avoid buying things you don't really need of want and you will enjoy a sense of achievement when you finally make your purchase.

Try to only use your credit cards for real emergencies. A new piece of clothing or an album definitely aren't emergencies. For instance, if you need to get the car repaired and you don't have the money.

Contact your credit card companies to ask if they will do you a better deal to stop you from switching to another card. You never know you may be offered a better deal and not have to bother to apply for a credit card from another company.

Don't take the banks credit card insurance as it is filled with loop-holes in order to save them from paying up in the event of a claim. As such it is also very profitable for them, insurance from a independent company will probably be cheaper and will be more likely to pay out in the event of a claim.

Avoid the temptation to take cash out on your credit card. The interest rate for cash advances can be much higher and you will be accruing interest straight away.

Check your monthly statements very carefully. Watch out for hidden charges, such as credit insurance or incorrect items billed to your card.

It might work out cheaper to get a home equity loan to consolidate credit card balances. Home equity loans normally offer lower interest rates and are usually tax deductible.

Lots of credit searches on your credit file in a short space of time can have a negative effect on your credit rating. This is because it may give future lenders the impression that you are in financial difficulty and desperately searching around for credit. However applying for one or two more cards in a short space of time should not have too much of an effect.

If you always fully pay off your statement every month you could use the cashback schemes that some companies offer. This way you will get a little discount on everything you buy. These cards won't have the most competitive interest rate, so it is best if you use an automated payment method (Direct Debit) for this card or you will wipe out the cashback advantage.

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