Ways to Minimize Spending on Credit Card Payments

Introduction
Living on a credit card can be a never ending spiral and the amount you pay on interest on many of these cards is crazy. By minimizing your spending, you should hopefully be able to get yourself out of the trap of credit cards before long. Let’s have a look at some tips and tricks for how you can do this.
1. The reason why your monthly payment is constantly rising is probably because you are still using the card. Try to give the card a rest for a few months and the balance should soon decrease. It might be hard at first to give up the card but living a more frugal lifestyle is possible and you will soon see the advantages.
2. By only paying the minimum payment every month, you are not going to be making much of a dent on the balance. Try to increase how much you pay monthly to a figure that is affordable for you. Even $50 or so can make a difference and this is doable if you just cut back on a couple of luxuries.
3. Transferring to another card might be an option if the interest rate is too difficult to keep up with. Many companies give 0% APR on balance transfers for a year and this can make a BIG difference.
4. Try and negotiate with your lender to lower interest rate or even freeze it for a little while. You can try this in a letter or over the phone. If you have been having financial difficulties which you explain, you might find they are very sympathetic. This doesn’t always work of course but if you don’t ask, you don’t get!
5. Your credit score is really important to lenders, if they value you as trustworthy, they are more likely to be kind to you. Work on improving your credit score by paying off all your debt and ensuring you are never late. Cancel any accounts that you no longer use because this will also make an impact.
6. Once you find yourself in the position to do so, pay off your credit card bill in full every month. You should always use your card wisely and if you can’t do that, pay it off and close your account.