Taming credit card debt

It’s tempting to rely on credit cards during lean times. Before you go too far down that path, remember—it’s much easier to get into debt than it is to get out of it.
Use these six tips to help you stay in control and make steady progress toward paying down your debt.

 

Here are six practical strategies to help you take control and move forward with confidence.

 

Avoid overspending your income. Try not to rely on credit cards for everyday purchases that could be paid with cash. A little discipline—and a lot of awareness—can go a long way.

 

If you carry a balance, aim to pay more than the minimum each month—or better yet, pay it off in full when possible. These habits can help you reduce debt faster and strengthen your credit over time.

 

Those low introductory rates and balance transfer offers can be tempting. But applying for new cards too often can negatively impact your credit score—and add more complexity to your finances.

 

Balancing your income and expenses helps you stay in control. If big categories like housing, transportation, and food are taking up too much of your budget, look for ways to adjust—like carpooling, dining in more often, or sharing living expenses.

 

Setting aside even a small amount each month can help you avoid putting unexpected expenses on a credit card. Whether it’s a car repair or a medical bill, having a cushion makes a big difference.

 

You may be able to consolidate higher-rate credit card debt with a personal loan. This can simplify payments and potentially lower your overall interest. It may even reduce your monthly payment.

 

If you’d like to explore consolidating your debt with a personal loan, we’re here to help.

 

Call 1‑800‑288‑3425, send us a secure message in Think Online, or visit any Think Bank branch to learn more.