Debt have been a major issue for many credit card holders in the last few decades. Over 47% of the country’s adult population are under credit card debt. This means more than 100 million people in this country alone are victims of this problem, and the numbers seem to be only growing. However, as serious as this problem is, there are a number of solutions available, which you can practice on your own to avoid this problem. Let’s look at pro tips for cutting credit card debt.

Negotiate Lower Rates of Interest
The first pro tip for cutting credit card debt is to call your creditors and negotiate a lower interest rate. Remember, the lower the interest rate the lower will be the amount you have to pay back. No matter what offers the credit card providers may provide, a lower interest rate should be the primary concern. You can check other banks, and the interest rates they offer. Tally that with the national rate according to which you can get a rate reduction while validating your credit card.

Avoid Adding New Debts
If you are already in a situation where your credit card debts are high, you need to put your credit card away for a while. Try and make all your payments with cash and do not add more debts to the credit card. By spending cash, you can also do a flow analysis to figure out where your money is spent, and as a result, unnecessary expenditures can be cut off.

Transfer Your Balances
There is often an option to transfer your balances from a high-interest credit card to a low-interest one. Their offers are usually available at 0% introductory interest rates for 6 months to 12 months. Usually, transferring your balances may cost you a transferring fee, which has to be paid up front and is usually 3%-5% of the amount you are transferring.

Debt Avalanche
Among all the pro tips for cutting credit card debt, the debit avalanche is the most effective. This process requires the card holder to firstly pay off the highest debt amount with the highest interest rate. After this, the second-highest amount is paid off and the process goes on till you are able to pay off the lowest debt amount. The process aims to stop you from making equal payments to different card debts and allows you to fully clear your debts, one at a time.

Consolidate Your Debts
There is always an option to consolidate your debts and line of credit buy taking a loan at a low interest rate. With this process, you can easily pay off your card debts with high interest rates from loans taken from a bank at a lower interest rate.