If you have credit card debt and are only making the minimum monthly repayment, it can feel never ending. This is because the minimum repayment you make might be only a little higher than the interest each month so the amount you owe will reduce very slowly. Here are some tips on tackling your credit card debts.

Tips on tackling your credit card debt

Pay off as much as you can each month, so that you reduce your debt as soon as possible. If you are only making the minimum repayment each month, it will take you a long time to pay off your balance. Paying as much as you can above the minimum payment could help you reach debt-free status quicker.Stop using your card. You cant clear your debt if you keep adding to it. Leave your card at home to avoid temptation. Ask your credit card provider if they will consider reducing the interest rate.This will reduce the repayment amount of your credit card debt each month. Consider reducing the credit limit to an amount you can actually afford to spend each month so you are not able to run up debt you cannot repay. Don't miss repayments or pay later than the due date or you incur late payment fees. To avoid theses late payments, you can set up a monthly standing order or direct debit for the minimum monthly repayments. Choose a credit card that you can access online. This will help you to track your spending and your credit card balance. Avoid using your card to withdraw cash, as interest can be higher than the interest rate for purchases. There is also a cash advance fee. Consider whether a debit card would be a better option for you in the long term. Or you can consider getting a prepaid card that can be used for purchases wherever a credit card is accepted.

If you are experiencing trouble making your repayments and don't know what to do and need advice, get in touch with Skibbereen Credit Union and a member of our experienced staff will discuss the options available to you. For any further inquiries contact us on 028 21883 or online at www.skibbereencu.ie.