Credit cards are a convenient solution to financial problems, but if consumers don't pay the balance off every month, they're making payments on items they may not even own anymore, and their budget often feels tight from the minimum payments. Consumers can take some action to lower credit card debt today.

Stop Using Credit Cards

Shoppers who have any credit card balance should stop using their cards. Going to a cash-only system will stop the debt cycle. This insures consumers will not live beyond their means because when their cash is gone they have to stop buying. Consumers should cut their cards up or put them someplace extremely inconvenient, like frozen in a block of ice to eliminate impulse purchases.

Refinance Debt

Credit unions often have great rates on a multi-purpose loan. Be proactive and check into it. Chances are the rates on the credit cards are much higher than what one would pay at a credit union, which means that even if the consumer continues making the same payment toward his debt, more of it will go to paying off his principal, and it will get paid off faster.

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