How to Control Credit Debt - dummies

How to Control Credit Debt

The first thing to do when you need to get your credit card debt under control is to look over each of your credit-card statements each month. You may be surprised to find charges on your account that aren’t yours, or you may not have realized just how much you’re charging each month:

  • Make sure all charges are valid. If you see anything you’re unsure about or that’s incorrect on any part of your credit-card statement, call the credit-card company immediately and resolve the issue.

  • Stop solicitations. By limiting or eliminating credit-card and loan offers, you’ll be less apt to apply for this “easy” credit. One way to minimize the number of solicitations you receive from would-be lenders is to get your name added to no-call or no-solicitation lists.

    Registering your name with no-call or no-solicit lists doesn’t in any way affect your ability to borrow money.

  • Cut the cards. Yep, pull out the scissors and start snipping.

    Some credit providers can’t officially close the account until you pay in full, but do not, under any circumstances, use a credit card until you pay your debts in full. If you’re deeply in debt, paying it off can take several years.