KISS THEM GOOD BYE
- Cut up the cards to stop the temptation to use them
- If possible consolidate into one card. See www.creditcardfinder.com.au to find something with a low/ 0% interest balance transfer period and low annual fees.
- Do not add to your debt.
- Do not keep the card in your wallet to tempt yourself
PAY SMART
- If you have multiple credit cards, all with similar amounts pay off the one with the highest interest rate first.
- If you have multiple cards with different amounts pay off the card with the smallest balance first and close it. This will help motivate you to get on top of the debt
- Make extra repayments where you can to reduce the interest charges
- Pay all credit card bills on time to avoid late fees being added on
DON’T GET COMPLACENT
- Keep a close eye on when specials such as low interest rates run out. If there is a remaining balance you can balance transfer again until the balance is paid off.
- Be aware of being sucked in by rewards attached to purchases on your card.You will more than likely buy things you don't need increasing your debt, these cards often attract higher annual fees and interest rate
COMMUNICATION
- If you share debt with someone. Talk to them about it and make sure you are both committed to eliminating and preventing debt.
- If you are keeping a card consider having it in two names so there is one statement and you can track all purchases simply.
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