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How to Manage Credit Card Debt without Cancelling

Some people find themselves stuck in large credit card debt mainly due to uncontrolled spending and inefficient account management.  As a result of not submitting payments on time, a lot of cardholders pay a huge sum of cash on interest rates and late penalty fees, not to mention over-the-limit charges.

Do you find yourself in a similar situation?  Are you struggling with your credit card debt?  If yes, what can you do?

Others may think about cancelling their credit cards as the solution to the problem.  But closing a credit card account with an existing balance is a big mistake.  Doing so can cause great damage on your credit history which can affect even your future credit prospects.

Take note that the status of your account on the time that you cancelled will be reflected in your credit report and will remain there for up to seven years.  Imagine the impression you will make on future creditors if they see such a negative remark in your file.

Thus, if you do find yourself struggling to pay off your credit card debt, don’t even contemplate about cancelling.  Your first priority is to complete your payments.  Once you have zeroed in your balance on your credit card, that’s the only time you may consider closing your account.  Therefore what can you do to make debt repayment easier?  Consider the following suggestions:

Don’t charge new purchases. As you try your best to pay your debts one step at a time, do not add more weight to your burden by incurring new charges.   Focus on the task at hand and fight the temptation to spend using your credit card.

Plan your repayment. You need a smart strategy in order to keep up with your repayment.  Based upon your monthly earnings, distribute your budget according to your priorities.  Instead of just submitting the monthly minimum due, try to pay as much as you can on your credit card to reduce your debts at a faster rate.  Save up every possible cent you can and use it on debt repayment.

How to Manage Credit Card Debt without Cancelling

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About the author

Allison May

Allison May is a credit consultant and a writer for Credit Creators. The resource provides consumers with valuable advice and information on Guaranteed Approval credit cards, Unsecured credit cards for Bad Credit and other credit-related issues. The main objective here is to help people build good credit. Add Allison on

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