Skip to content

Tips to reducing Credit Card Debt

January 8th 2019 - Written by Amanda Huinink

With the holidays over and the credit card bills now rolling in.  It was easy to use our credit cards so freely over the holidays and pretend like we had more money than we actually did. But sooner or later that debt will creep up on you. We are here to help you minimize your stress and get out of the winter debt free!


1)     Consider consolidating your credit card debt into one easy to manage loan.

The benefit of this is a set loan payment and a much lower interest rate compared to your credit card. So instead of paying 19% for a credit card, you would be paying lower than 10% on a loan.  The payments would be set up over a certain period of time so it makes managing your money easier and you have the option of paying it off at any time or making additional payments.

2)     Make the most of the full 21 grace period your credit card provides you

Save up some money each month and make one large lump sum payment towards your credit card to avoid high interest rates and service charges on late payments and a revolving balance.  If you can’t pay off the entire balance, pay off as much as you can that way you are only getting charged interest on a smaller amount.

3)     Take advantage of your credit card rewards

Some credit cards actually offer the ability to transfer your reward points into cash back or direct payments towards your bill.  Especially at a busy time of year like the holidays where your bill may be a bit higher, this is a great time to take advantage of this option.

Interested in a consolidation loan with us?  Talk to us today!